Does the Source of Capital Affect Capital Structure?
研究发现，能进入公开债券市场（即有债务评级）的公司杠杆率显著更高，即使控制公司特征和内生性后，债务仍多35%。对研究资本结构决定因素的学者有用。
Prior work on leverage implicitly assumes capital availability depends solely on firm characteristics. However, market frictions that make capital structure relevant may also be associated with a firm's source of capital. Examining this intuition, we find firms that have access to the public bond markets, as measured by having a debt rating, have significantly more leverage. Although firms with a rating are fundamentally different, these differences do not explain our findings. Even after controlling for firm characteristics that determine observed capital structure, and instrumenting for the possible endogeneity of having a rating, firms with access have 35% more debt. Copyright 2006, Oxford University Press.