一、主題：Do Credit RatingAgencies Respond to Investors’ Demand?

二、主講人：唐遙，北京大學光華管理學院應用經濟系副教授，中信改革發展研究基金會研究員。2009年獲不列颠哥倫比亞大學經濟學博士學位。2009到2017年在美國鮑登學院（Bowdoin College）任教并取得終身教職，2017年全職加入北京大學光華管理學院。他的主要研究和教學方向為宏觀經濟學、國際經濟學和中國企業戰略，有多篇論文發表在國際領先的經濟學和管理學學術期刊上，包括Journal of Urban Economics、Journal ofEconometrics、Journal of International Economics、Management and Organization Review。

三、時間：2019年6月19日（周三），中午12:30-13:30

四、地點：學院南路校區主樓913會議室

五、主持人：魏旭，bevictor伟德官网副教授

Abstract: Prior studies haveprovided evidence that outside pressure can affect how credit rating agencies(CRAs) assign ratings. In this paper, we examine the impact of a previouslyunexplored type of pressure on CRAs’ ratings: investors’ demand. Exploiting theexogenous and sharp increase in investors’ demand for corporate bonds rated A-in 2013 caused by the Federal Reserve’s asset purchase program, we find thatS&P upgraded abnormally more BBB+ firms to the A- category in response toinvestors’ demand. To validate our conclusion, we exclude several alternativeexplanations. The abnormal upgrade was not observed among firms with ratingsadjacent to BBB+, and was not offset by the downgrade in the same and subsequentperiods. S&P’s disclosure of new rating criteria in 2013 cannot rule outthe abnormality of the upgrade. In addition, the abnormal upgrade can neitherbe justified by changes in the upgraded firms’ financial performance or abilityto pay off debt. Further tests show that the market considered the upgradedBBB+ bonds as riskier than other A- bonds and priced the upgraded BBB+ bondssimilarly with other BBB+ bonds.