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1、THEJOURNALOFFINANCE•VOL.LXIX,NO.1•FEBRUARY2014DoPeerFirmsAffectCorporateFinancialPolicy?MARKT.LEARYandMICHAELR.ROBERTS∗ABSTRACTWeshowthatpeerfirmsplayanimportantroleindeterminingcorporatecapitalstructuresandfinancialpolicies.Inlargepart,firms’financingdecisionsareresponse
2、stothefinancingdecisionsand,toalesserextent,thecharacteristicsofpeerfirms.Thesepeereffectsaremoreimportantforcapitalstructuredeterminationthanmostpreviouslyidentifieddeterminants.Furthermore,smaller,lesssuccessfulfirmsarehighlysensitivetotheirlarger,moresuccessfulpeers,bu
3、tnotviceversa.Wealsoquantifytheexternalitiesgeneratedbypeereffects,whichcanamplifytheimpactofchangesinexogenousdeterminantsonleveragebyover70%.MOSTRESEARCHONCORPORATEfinancialpolicyassumesthatcapitalstructurechoicesaremadeindependentlyoftheactionsorcharacteristicsofthe
4、irpeers.Inotherwords,afirm’scapitalstructureistypicallyassumedtobedeterminedasafunctionofitsmarginaltaxrate,expecteddeadweightlossindefault,informationenvironment,andincentivestructure.Assuch,theroleforpeerfirmbehaviorinaffectingcapitalstructureisoftenignored,oratmostim
5、-plicitlyassumedtooperatethroughitsunmeasuredimpactonfirm-specificdeterminants.However,peerfirmsplayacentralroleinshapinganumberofcorporatepolicies,andexistingevidencesuggeststhatthebehaviorofpeerfirmsmaymatterforcapitalstructure.1Surveyevidenceindicatesthatasignificant∗Le
6、aryiswithOlinBusinessSchool,WashingtonUniversityinSt.Louis,andRobertsiswithTheWhartonSchool,UniversityofPennsylvaniaandNBER.WethankAndyAbel,UlfAxelson,DanielBergstresser,PhilipBond,MurrayFrank,KenFrench,ItayGoldstein,RobinGreenwood,RichardKihlstrom,JiroKondo,ArvindKri
7、shnamurthy,CameliaKuhnen,DoronLevit,UlrikeMalmendier,DavidMatsa,AtifMian,TobyMoskowitz,FranciscoPerez-Gonzalez,MitchellPe-tersen,GordonPhillips,NickRoussanov,KenSingleton,andMotoYogo,aswellasconferenceandseminarparticipantsattheNBERFallCorporateFinanceMeeting,Minnesot
8、aCorporateFinanceConference,UniversityofWashingtonSummerFinanceConference,WesternFinanceAssociationMeeting,ColumbiaUniversit
