Anchoring on Credit Spreads
研究发现企业上次贷款后的信用利差路径会影响当前借款利率，利差下降时利率偏高，上升时利率偏低，最可能的原因是锚定效应。
ABSTRACT This paper documents that the path of credit spreads since a firm's last loan influences the level at which it can currently borrow. If spreads have moved in the firm's favor (i.e., declined), it is charged a higher interest rate than is justified by current fundamentals, whereas if spreads have moved to the firm's detriment, it is charged a lower rate. We evaluate several possible explanations for this finding, and conclude that anchoring to past deal terms is most plausible.