Impact of COVID-19 on Corporate Debt Structure: Cross Country Evidence

2020 ◽  
Author(s):  
Bill B. Francis ◽  
Raffi E. García ◽  
Zenu Sharma
Keyword(s):  
Corporate Debt ◽  
Debt Structure ◽  
Cross Country

scholarly journals Corporate Debt Structure and Economic Recoveries

2017 ◽  
Author(s):  
Thomas Grjebine ◽  
Urszula Szczerbowicz ◽  
Fabien Tripier
Keyword(s):  
Corporate Debt ◽  
Debt Structure

Do Country-level Creditor Protections Affect Firm-level Debt Structure Concentration?

2021 ◽  
Author(s):  
Kose John ◽  
Mahsa S Kaviani ◽  
Lawrence Kryzanowski ◽  
Hosein Maleki
Keyword(s):  
Debt Structure ◽  
Difference In Differences ◽  
Firm Level ◽  
Creditor Rights ◽  
Country Level ◽  
Bankruptcy Costs ◽  
Cash Flow Volatility ◽  
Cross Country ◽  
Using Data ◽  
Alternative Settings

Abstract We study the effects of country-level creditor protections on the firm-level choice of debt structure concentration. Using data from 46 countries, we show that firms form more concentrated debt structures in countries with stronger creditor protection. We propose a trade-off framework of optimal debt structure and show that in strong creditor rights regimes, the benefit of forming concentrated structures outweighs its cost. Because strong creditor protections increase liquidation bias, firms choose concentrated debt structures to improve the probability of successful distressed debt renegotiations. Firms with ex-ante higher bankruptcy costs, including those with higher intangibility, cash flow volatility, R&D expenses, and leverage exhibit stronger effects. Firms with restricted access to capital are also affected more. A difference-in-differences analysis of firms’ debt structure responses to creditor rights reforms confirms the cross-country results. Our findings are robust to alternative settings and a battery of robustness checks.

Corporate Debt Structure and the Differential Effects of Monetary Policy

1969 ◽  
Vol 35 (4) ◽  
pp. 359
Author(s):  
James W. Christian ◽  
Warren F. Mazek
Keyword(s):  
Monetary Policy ◽  
Corporate Debt ◽  
Debt Structure ◽  
Differential Effects

scholarly journals Corporate Debt Structure and the Financial Crisis

2015 ◽  
Vol 47 (8) ◽  
pp. 1571-1598 ◽  
Author(s):  
FIORELLA DE FIORE ◽  
HARALD UHLIG
Keyword(s):  
Financial Crisis ◽  
Corporate Debt ◽  
Debt Structure

Options Trading and Corporate Debt Structure

2020 ◽  
Author(s):  
Jie Cao ◽  
Michael G. Hertzel ◽  
Jie Xu ◽  
Xintong Zhan
Keyword(s):  
Corporate Debt ◽  
Debt Structure ◽  
Options Trading
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