Sorge, Marco, Zhang, Chendi and Koufopoulos, Konstantinos (2017) Short‐Term Corporate Debt around the World. Journal of Money Credit and Banking. pp. 997-1029. ISSN 0022-2879
Abstract
Short‐term corporate debt as a proportion of total debt issued by public firms varies greatly across countries, between 28% in the United States 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 signaling 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.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | ©2017 The Ohio State University. This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. Further copying may not be permitted; contact the publisher for details. |
Keywords: | debt maturity,information sharing,creditor protection,law and finance |
Dates: |
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Institution: | The University of York |
Academic Units: | The University of York > Faculty of Social Sciences (York) > Economics and Related Studies (York) |
Depositing User: | Pure (York) |
Date Deposited: | 19 Aug 2019 10:50 |
Last Modified: | 16 Oct 2024 15:57 |
Published Version: | https://doi.org/10.1111/jmcb.12403 |
Status: | Published |
Refereed: | Yes |
Identification Number: | 10.1111/jmcb.12403 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:149813 |
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Description: Short-term Corporate Debt Around the World