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1、THEJOURNALOFFINANCE?VOL.LXIX,NO.1?FEBRUARY2014DoPeerFirmsAffectCorporateFinancialPolicy?MARKT.LEARYandMICHAELR.ROBERTS?ABSTRACTWeshowthatpeer?rmsplayanimportantroleindeterminingcorporatecapitalstructuresand?nancialpolicies.Inlargepart,?rms’?nancingdecisionsareresponse
2、stothe?nancingdecisionsand,toalesserextent,thecharacteristicsofpeer?rms.Thesepeereffectsaremoreimportantforcapitalstructuredeterminationthanmostpreviouslyidenti?eddeterminants.Furthermore,smaller,lesssuccessful?rmsarehighlysensitivetotheirlarger,moresuccessfulpeers,bu
3、tnotviceversa.Wealsoquantifytheexternalitiesgeneratedbypeereffects,whichcanamplifytheimpactofchangesinexogenousdeterminantsonleveragebyover70%.MOSTRESEARCHONCORPORATE?nancialpolicyassumesthatcapitalstructurechoicesaremadeindependentlyoftheactionsorcharacteristicsofthe
4、irpeers.Inotherwords,a?rm’scapitalstructureistypicallyassumedtobedeterminedasafunctionofitsmarginaltaxrate,expecteddeadweightlossindefault,informationenvironment,andincentivestructure.Assuch,theroleforpeer?rmbehaviorinaffectingcapitalstructureisoftenignored,oratmostim
5、-plicitlyassumedtooperatethroughitsunmeasuredimpacton?rm-speci?cdeterminants.However,peer?rmsplayacentralroleinshapinganumberofcorporatepolicies,andexistingevidencesuggeststhatthebehaviorofpeer?rmsmaymatterforcapitalstructure.1Surveyevidenceindicatesthatasigni?cant?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
