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1、外文翻译原文CapitalStructureandDebtStructureMaterialSource:http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1301936Author:JoshuaD.Rauh,AmirSufiAbstractWeexaminethecompositionandprioritystructureofcorporatedebtforfirmsdowngradedfrominvestmentgradetospeculativegrade.Ourf
2、indingsdemonstratetheimportanceofrecognizingdebtheterogeneityincapitalstructurestudies,andtheysupporttheoreticalmodelsinwhichdebtstructureissettoencouragebankmonitoring.Firmsexperiencedramaticchangesindebtstructureafteradowngradedespitemaintainingsimilarleveragerat
3、ios.Post-downgrade,thereisasharpreductioninbothbankandnon-bankdiscretionarysourcesofdebtfinance,suchasrevolvingcreditfacilities,commercialpaper,anmedium-termnotes.Firms“spread”theprioritystructureaftercreditqualitydeterioration:Whilemostdebtisattheseniorunsecuredpr
4、ioritylevelbeforethedowngrade,firmssharplyincreasetheiruseofbothsecuredbankdebtandsubordinatedprivateplacementsandconvertiblesafterthedowngrade.Post-downgrade,therelativemonitoringintensityofbankversusnon-bankdebtsharplyincreases.Corporatedebtischaracterizedbyheter
5、ogeneity.Indeed,mostcorporationsobtaindebtfrombo-bankandnon-banksources,andstructuretheirdebtclaimsintopriorityclasseswithavarietyofconditionsandrestrictions.Whilealargebodyoftheoreticalresearchexplorestheoptimalcompositionandpriorityofcorporatedebtfordifferenttype
6、soffirms,thegrandmajorityofempiricalcapitalstructuresearchcontinuestotreatcorporatedebtasuniform.Asaresult,therearefewempiricalstudiesthatexaminewhyfirmssimultaneouslyusedifferenttypes,sources,andprioritiesofcorporatedebt.Thisstudyattemptstoanswertwoquestionsregard
7、ingdebtstructure:First,howdofirmsstructuretheirdebt?Second,whatexistingtheorybestexplainswhyfirmssimultaneouslyusedifferenttypes,sources,andprioritiesofdebt?Toanswerthesequestions,weexaminethedebtcompositionandpriorityof“fallenangels,”whichwedefineasfirmsthathaveth
8、eirdebtdowngradedfrominvestmentgradetospeculativegradebyMoody’sInvestorsServices.Ourfocusonvariationincreditqualityfollowdirectlyfromextanttheore
