We explore the impact of director social capital on credit ratings. Social capital is often associated with trust and cultivated through one's personal networks. We show that firms which employ well-connected directors benefit with a higher credit rating. This result is amplified for firms that...

Harnessing CEO overconfidence whilst exploiting their risk appetite and over-optimism has long been of interest to management scholars and firms. We find that overconfident CEOs’ reluctance to access external financing indicates that they reduce their acquisition activity at high rating...

We investigate the network structure of syndicated lending markets and evaluate the impact of lenders' network centrality, considered as measures of their experience and reputation, on borrowing costs. We show that the market for syndicated loans is a, “small world,” characterized by large...

We investigate the network structure of syndicated lending markets and evaluate the impact of lenders' network centrality, considered as measures of their experience and reputation, on borrowing costs. We show that the market for syndicated loans is a “small world” characterized by large...

This paper looks at the development of the banking sector in emerging East Asia in the 10 years since the financial crisis of 1997/98. It suggests that the health of banking sectors in the region has improved substantially, with key changes including increased foreign ownership, movement into...

Small and medium-sized enterprises (SMEs) are the backbone of the Asian economy. They make up more than 96% of all Asian businesses, providing two out of three private-sector jobs on the continent. Therefore, it is vital for Asian economies' economic success that they have fully functioning...

Small and medium-sized enterprises (SMEs) are the backbone of the Asian economy. They make up more than 96% of all Asian businesses that provide two out of three private sector jobs in the continent. Therefore, it is vitally important for the Asian economies' economic success that they have...

This study assesses the credit rating migration risk and interconnectedness among bank-to-listed firms and insurer-to-listed firms in Japan's corporate lending market during the fiscal years 2008-2015. The study uses outstanding lending data with borrowers and lenders names to conduct a...

This article describes and models the ratings announced by rating agencies to Brazilian ABS (FIDC) and address the important issue of agencies incentives to mismanage the rating they provide. We show that the debt provisions and the total assets of the FIDC are the main variables that explain...