The Real Effects of Credit Ratings: The Sovereign Ceiling Channel
研究发现主权评级下调会通过评级机构的主权天花板政策推高企业债务成本，导致企业减少投资和信贷依赖，揭示了信用评级对实体经济的传导机制。
ABSTRACT We show that sovereign debt impairments can have a significant effect on financial markets and real economies through a credit ratings channel. Specifically, we find that firms reduce their investment and reliance on credit markets due to a rising cost of debt capital following a sovereign rating downgrade. We identify these effects by exploiting exogenous variation in corporate ratings due to rating agencies' sovereign ceiling policies, which require that firms' ratings remain at or below the sovereign rating of their country of domicile.