Anchoring on Credit Spreads
Anchoring on Credit Spreads
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DOI：
10.2139/ssrn.1732559
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发表时间：
2014-05
期刊：
影响因子：
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通讯作者：
Casey Dougal;Joseph Engelberg;Christopher Parsons;Edward Dickersin Van Wesep
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文献类型：
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作者：
Casey Dougal;Joseph Engelberg;Christopher Parsons;Edward Dickersin Van Wesep
type=“main”>本文证明了自公司最后一笔贷款以来的信用利差路径影响了公司当前可以借款的水平。如果利差朝着有利于公司的方向移动（即，下降），则收取高于当前基本面合理的利率，而如果利差对公司不利，则收取较低的利率。我们评估了这一发现的几种可能的解释，并得出结论，锚定到过去的交易条款是最合理的。
type="main"> 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.