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Credit risk assessment and executives’ legal expertise

Credit risk assessment and executives’ legal expertise Abstract We study whether firms that are led by chief executive officers (CEOs) with law degrees (lawyer CEOs) have different credit ratings and costs of debt from other firms. Our sample consists of Standard & Poor’s 1500 firms from 1992 to 2020, 9.2% of which have lawyer CEOs. We find that these firms have better credit ratings, compared to other firms. On average, their cost of debt is 10% lower than that of firms led by CEOs without leg...

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Source:10.1007/s11142-022-09699-9
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Credit risk assessment and executives’ legal expertise | Awareness Public Knowledge