How Do Stronger Creditor Rights Impact Corporate Acquisition Activity and Quality?

2021 ◽  
Author(s):  
Megan Rainville ◽  
Emre Unlu ◽  
J. (Julie) Wu
Keyword(s):  
Creditor Rights

Creditor Rights and LBOs

2010 ◽  
Author(s):  
Jerry Cao ◽  
Douglas J. Cumming ◽  
Meijun Qian ◽  
Xiaoming Wang
Keyword(s):  
Creditor Rights

scholarly journals How creditor rights affect the issuance of public debt: The role of credit ratings

2018 ◽  
Vol 39 ◽  
pp. 133-143 ◽  
Author(s):  
Xian Gu ◽  
Padma Kadiyala ◽  
Xin Wu Mahaney-Walter
Keyword(s):  
Public Debt ◽  
Credit Ratings ◽  
Creditor Rights

Creditor Rights and Government Intervention

2012 ◽  
Author(s):  
Bradley S. Blaylock ◽  
Alexander S. Edwards ◽  
Jared R. Stanfield
Keyword(s):  
Government Intervention ◽  
Creditor Rights

scholarly journals Multiple Bank Lending, Creditor Rights, and Information Sharing*

2014 ◽  
Vol 19 (2) ◽  
pp. 519-570 ◽  
Author(s):  
Alberto Bennardo ◽  
Marco Pagano ◽  
Salvatore Piccolo
Keyword(s):  
Information Sharing ◽  
Bank Lending ◽  
Creditor Rights

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.

scholarly journals How do creditor rights matter for debt finance? A review of empirical evidence

2015 ◽  
pp. 3-25 ◽  
Author(s):  
John Armour ◽  
Antonia Menezes ◽  
Mahesh Uttamchandani ◽  
Kristin van Zwieten
Keyword(s):  
Empirical Evidence ◽  
Creditor Rights ◽  
Debt Finance
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