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

二、主讲人：唐遥，北京大学光华管理学院应用经济系副教授，中信改革发展研究基金会研究员。2009年获不列颠哥伦比亚大学经济学博士学位。2009到2017年在美国鲍登学院（Bowdoin College）任教并取得终身教职，2017年全职加入北京大学光华管理学院。他的主要研究和教学方向为宏观经济学、国际经济学和中国企业战略，有多篇论文发表在国际领先的经济学和管理学学术期刊上，包括Journal of Urban Economics、Journal ofEconometrics、Journal of International Economics、Management and Organization Review。

三、时间：2019年6月19日（周三），中午12:30-13:30

四、地点：学院南路校区主楼913会议室

五、主持人：魏旭，太阳集团tyc539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.