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Short-term corporate debt around the world
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Sorge, Marco, Zhang, Chendi and Koufopoulos, Kostas (2017) Short-term corporate debt around the world. Journal of Money, Credit and Banking, 49 (5). pp. 997-1029. doi:10.1111/jmcb.12403 ISSN 0022-2879.
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Official URL: https://doi.org/10.1111/jmcb.12403
Abstract
Short-term corporate debt as a proportion of total debt issued by public firms varies greatly across countries, between 28% in the U.S. and 78% in China. This paper argues that the interaction between information asymmetry and legal protection of creditors is an important determinant of debt maturity. When short-term debt plays a dual role as signalling and commitment devices, a reduction in information asymmetry has a larger impact on debt maturity when creditor rights are weaker. We find empirical support for this prediction using firm-level data from 45 countries around the world.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HG Finance | ||||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Corporate debt, Debt financing (Corporations), Debtor and creditor, Corporations--Finance--Law and legislation | ||||||||
Journal or Publication Title: | Journal of Money, Credit and Banking | ||||||||
Publisher: | Wiley-Blackwell Publishing, Inc. | ||||||||
ISSN: | 0022-2879 | ||||||||
Official Date: | August 2017 | ||||||||
Dates: |
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Volume: | 49 | ||||||||
Number: | 5 | ||||||||
Page Range: | pp. 997-1029 | ||||||||
DOI: | 10.1111/jmcb.12403 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 18 August 2016 | ||||||||
Date of first compliant Open Access: | 24 July 2019 |
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