Trust and Debt Contracting: Evidence From the Backdating Scandal
研究发现，在期权回溯丑闻曝光后，曾进行期权回溯的借款企业需支付更高的贷款利率，而CEO更换可缓解这一负面影响。
Abstract We study the effect of trust on debt contracting. We find that, after the revelation of option backdating, borrowers that likely backdated their previous option grants pay higher interest rates on loans. This adverse effect is mitigated by CEO replacements. Results are similar for public debt, but only if a third party identified the backdaters. After the backdating revelation, firms that engaged in backdating increase their reliance on public debt, and those without access to the public debt market experience capital constraints.