Corporate governance, credit rating and business cycles
| dc.contributor.author | Fan, Chunbo | |
| dc.date.accessioned | 2015-04-03T13:27:32Z | |
| dc.date.available | 2015-04-03T13:27:32Z | |
| dc.date.issued | 2014 | |
| dc.description.abstract | Corporate governance has the function of mitigating agency cost, through which it has impacts on shareholders and bondholders. Using a data sample of S&P; 1500 companies over the period of 1996-2011, I study the relationship between corporate governance and credit ratings controlling for the state of the business cycle. I find that in addition to mitigating agency cost, corporate governance also has a second function to promote decision efficiency and bondholders' demand for this function varies along the states of business cycles. More specifically, when the economy is in a recession where risk levels are relatively higher, bondholders demand more from corporate governance to mitigate agency cost, while in booms, the demand is higher for decision efficiency. | en_US |
| dc.description.advisor | Butkiewicz, James L. | |
| dc.description.degree | Ph.D. | |
| dc.description.department | University of Delaware, Department of Economics | |
| dc.identifier.doi | https://doi.org/10.58088/m6a6-g082 | |
| dc.identifier.unique | 906162110 | |
| dc.identifier.uri | http://udspace.udel.edu/handle/19716/16719 | |
| dc.publisher | University of Delaware | en_US |
| dc.relation.uri | http://search.proquest.com/docview/1622929085?accountid=10457 | |
| dc.subject.lcsh | Corporate governance -- United States. | |
| dc.subject.lcsh | Credit ratings -- United States. | |
| dc.subject.lcsh | Business cycles -- United States. | |
| dc.subject.lcsh | Bondholders -- United States. | |
| dc.title | Corporate governance, credit rating and business cycles | en_US |
| dc.type | Thesis | en_US |