Zhang, Chendi and Sorge, Marco (2010) Information sharing, creditor rights, and corporate debt maturity. Working Paper. Warwick Business School, Financial Econometrics Research Centre, Coventry.

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Abstract

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
Date:	2010
Status:	Not Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
URI:	http://wrap.warwick.ac.uk/id/eprint/44927

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