Table 1.
Credit rating by year.19931994199519961999200020012002AAA63340122AA +69551100AA65750101AA −78782354A +46552568A27221391210A −0233710107BBB +000212151213BBB023221253221BBB −00023634189BB +00001715138BB001211171810BB −0000151076B +00000021B01103020B −00000001CCC00001100CC––––––––C00002101D––––––––Total31433740143148139102The table shows HPK 56 number of firms with each credit rating, organized by year.Full-size tableTable optionsView in workspaceDownload as CSV
Table 2 shows the statistics for sample firms across the various credit ratings. In Panel A, we divide the full sample into chaebol firms and non-chaebol firms. As expected, chaebols tend to be larger, although pancreas do not necessarily have higher levels of leverage or profitability. This table shows that leverage initially tends to decline with lower credit ratings before increasing among speculative-grade bonds and lower-quality investment-grade bonds. As expected, profitability also declines for firms with lower credit ratings. Finally, firm size remains fairly consistent across the credit ratings.
Credit rating by year.19931994199519961999200020012002AAA63340122AA +69551100AA65750101AA −78782354A +46552568A27221391210A −0233710107BBB +000212151213BBB023221253221BBB −00023634189BB +00001715138BB001211171810BB −0000151076B +00000021B01103020B −00000001CCC00001100CC––––––––C00002101D––––––––Total31433740143148139102The table shows HPK 56 number of firms with each credit rating, organized by year.Full-size tableTable optionsView in workspaceDownload as CSV
Table 2 shows the statistics for sample firms across the various credit ratings. In Panel A, we divide the full sample into chaebol firms and non-chaebol firms. As expected, chaebols tend to be larger, although pancreas do not necessarily have higher levels of leverage or profitability. This table shows that leverage initially tends to decline with lower credit ratings before increasing among speculative-grade bonds and lower-quality investment-grade bonds. As expected, profitability also declines for firms with lower credit ratings. Finally, firm size remains fairly consistent across the credit ratings.