Information sharing, creditor rights, and corporate debt maturity
Zhang, Chendi and Sorge, Marco (2010) Information sharing, creditor rights, and corporate debt maturity. Working Paper. Warwick Business School, Financial Econometrics Research Centre, Coventry.Full text not available from this repository.
This paper investigates private and public credit registries and legal creditor rights as determinants of corporate debt maturity in 45 countries. We find that information sharing among creditors and legal protection of creditor rights are associated with higher ratios of long-term corporate debt to total corporate debt. Ex-ante better credit information acts as a substitute for ex-post stronger creditor protection in lengthening the maturity of corporate debt in less developed countries. Regulations requiring that both positive and negative credit information are distributed and that secured creditors are paid first in bankruptcy influence corporate debt maturity across countries.
|Item Type:||Working or Discussion Paper (Working Paper)|
|Subjects:||H Social Sciences > HG Finance|
|Divisions:||Faculty of Social Sciences > Warwick Business School > Finance Group
Faculty of Social Sciences > Warwick Business School
|Publisher:||Warwick Business School, Financial Econometrics Research Centre|
|Place of Publication:||Coventry|
|Status:||Not Peer Reviewed|
|Access rights to Published version:||Restricted or Subscription Access|
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