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The impact of credit ratings on corporate policies


Project Description

Credit ratings assigned by external credit rating agencies such as Standard & Poor’s, Moody’s Investors Service and Fitch Ratings play an important role in shaping important corporate financing and investment policies. A survey by Graham and Harvey (2001) reveals that credit rating is the second most significant factor (after financial flexibility) influencing corporate capital structure decisions. This survey results motivate researchers to conduct further empirical research on the impact of credit ratings on corporate behaviour. This project’s primary aim is to reveal original insights about credit ratings in corporate finance, specifically the impact of ratings on important corporate decisions. Based on rigorous empirical research methods and large datasets, the project will provide robust empirical evidence about how corporate policies are driven by credit ratings. The expected outcome of the project has significant relevance to various parties including corporate managers, investors, credit rating agencies and regulators.

Funding Notes

The Elphinstone Scholarship covers the payment of tuition fees at the appropriate rate per annum for the 3 years of supervised study

Candidates should apply for a PhD place in the normal way, stating:
o ‘Elphinstone PhD Scholarship’ in the Intended Source of Funding section
o The name of the lead supervisor in the Name of Proposed Supervisor section
o The title of the specific research project (subject to any agreed modifications in discussion with the lead supervisor) in the Outline
Summary section
o Within their project proposal, how they intend to address the specific project title.

References

Graham, J. R. & Harvey, C. R. 2001. The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60, 187-243.

Related Subjects

How good is research at Aberdeen University in Business and Management Studies?

FTE Category A staff submitted: 13.30

Research output data provided by the Research Excellence Framework (REF)

Click here to see the results for all UK universities

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