Bankruptcy reforms and corporate debt structure

Gespeichert in:

Autor*in:	Liu, Xiaotian [verfasserIn] Qi, Yaxuan [verfasserIn] Wan, Wai Yee [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2024

Schlagwörter:	Bankruptcy law Borrowing cost Creditor rights Debt structure

Übergeordnetes Werk:	Enthalten in: Journal of international financial markets, institutions & money - Amsterdam : Elsevier, 1997, 95(2024) vom: Sept., Artikel-ID 102044, Seite 1-24
Übergeordnetes Werk:	volume:95 ; year:2024 ; month:09 ; elocationid:102044 ; pages:1-24

Links:	Link aufrufen Link aufrufen

DOI / URN:	10.1016/j.intfin.2024.102044

Katalog-ID:	1903036348

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allfields	10.1016/j.intfin.2024.102044 doi (DE-627)1903036348 (DE-599)KXP1903036348 DE-627 ger DE-627 rda eng Liu, Xiaotian verfasserin aut Bankruptcy reforms and corporate debt structure Xiaotian Liu, Yaxuan Qi, Wai Yee Wan 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Bankruptcy law (dpeaa)DE-206 Borrowing cost (dpeaa)DE-206 Creditor rights (dpeaa)DE-206 Debt structure (dpeaa)DE-206 Qi, Yaxuan verfasserin (DE-588)136305199 (DE-627)578397196 (DE-576)300952422 aut Wan, Wai Yee verfasserin aut Enthalten in Journal of international financial markets, institutions & money Amsterdam : Elsevier, 1997 95(2024) vom: Sept., Artikel-ID 102044, Seite 1-24 Online-Ressource (DE-627)320601811 (DE-600)2020265-9 (DE-576)259485160 1873-0612 nnns volume:95 year:2024 month:09 elocationid:102044 pages:1-24 https://www.sciencedirect.com/science/article/pii/S1042443124001100/pdfft?md5=0a53e6f88310fbdfb39697cecfb670c5&pid=1-s2.0-S1042443124001100-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.intfin.2024.102044 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 95 2024 9 102044 1-24 26 01 0206 4581860342 x1z 20-09-24 26 00 DE-206 A growing number of jurisdictions have adopted bankruptcy law reforms to facilitate debt restructuring. Using a difference-in-differences model based on bankruptcy law reforms in six economically advanced jurisdictions, we discover that firms adopt more diversified debt instruments following the reforms. Importantly, firms that are more vulnerable to a tightening of credit supply are more adversely affected by the legal changes, and they also decrease overall debt borrowing and investment. Moreover, firms affected by the reforms use secured debt less frequently, aligning with the idea that these legal changes diminish the protection afforded to secured creditors. In addition, borrowing costs rise after the reforms, implying that creditors may adjust the terms of debt contracts to counterbalance the decreased legal protection.
spelling	10.1016/j.intfin.2024.102044 doi (DE-627)1903036348 (DE-599)KXP1903036348 DE-627 ger DE-627 rda eng Liu, Xiaotian verfasserin aut Bankruptcy reforms and corporate debt structure Xiaotian Liu, Yaxuan Qi, Wai Yee Wan 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Bankruptcy law (dpeaa)DE-206 Borrowing cost (dpeaa)DE-206 Creditor rights (dpeaa)DE-206 Debt structure (dpeaa)DE-206 Qi, Yaxuan verfasserin (DE-588)136305199 (DE-627)578397196 (DE-576)300952422 aut Wan, Wai Yee verfasserin aut Enthalten in Journal of international financial markets, institutions & money Amsterdam : Elsevier, 1997 95(2024) vom: Sept., Artikel-ID 102044, Seite 1-24 Online-Ressource (DE-627)320601811 (DE-600)2020265-9 (DE-576)259485160 1873-0612 nnns volume:95 year:2024 month:09 elocationid:102044 pages:1-24 https://www.sciencedirect.com/science/article/pii/S1042443124001100/pdfft?md5=0a53e6f88310fbdfb39697cecfb670c5&pid=1-s2.0-S1042443124001100-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.intfin.2024.102044 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 95 2024 9 102044 1-24 26 01 0206 4581860342 x1z 20-09-24 26 00 DE-206 A growing number of jurisdictions have adopted bankruptcy law reforms to facilitate debt restructuring. Using a difference-in-differences model based on bankruptcy law reforms in six economically advanced jurisdictions, we discover that firms adopt more diversified debt instruments following the reforms. Importantly, firms that are more vulnerable to a tightening of credit supply are more adversely affected by the legal changes, and they also decrease overall debt borrowing and investment. Moreover, firms affected by the reforms use secured debt less frequently, aligning with the idea that these legal changes diminish the protection afforded to secured creditors. In addition, borrowing costs rise after the reforms, implying that creditors may adjust the terms of debt contracts to counterbalance the decreased legal protection.
allfields_unstemmed	10.1016/j.intfin.2024.102044 doi (DE-627)1903036348 (DE-599)KXP1903036348 DE-627 ger DE-627 rda eng Liu, Xiaotian verfasserin aut Bankruptcy reforms and corporate debt structure Xiaotian Liu, Yaxuan Qi, Wai Yee Wan 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Bankruptcy law (dpeaa)DE-206 Borrowing cost (dpeaa)DE-206 Creditor rights (dpeaa)DE-206 Debt structure (dpeaa)DE-206 Qi, Yaxuan verfasserin (DE-588)136305199 (DE-627)578397196 (DE-576)300952422 aut Wan, Wai Yee verfasserin aut Enthalten in Journal of international financial markets, institutions & money Amsterdam : Elsevier, 1997 95(2024) vom: Sept., Artikel-ID 102044, Seite 1-24 Online-Ressource (DE-627)320601811 (DE-600)2020265-9 (DE-576)259485160 1873-0612 nnns volume:95 year:2024 month:09 elocationid:102044 pages:1-24 https://www.sciencedirect.com/science/article/pii/S1042443124001100/pdfft?md5=0a53e6f88310fbdfb39697cecfb670c5&pid=1-s2.0-S1042443124001100-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.intfin.2024.102044 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 95 2024 9 102044 1-24 26 01 0206 4581860342 x1z 20-09-24 26 00 DE-206 A growing number of jurisdictions have adopted bankruptcy law reforms to facilitate debt restructuring. Using a difference-in-differences model based on bankruptcy law reforms in six economically advanced jurisdictions, we discover that firms adopt more diversified debt instruments following the reforms. Importantly, firms that are more vulnerable to a tightening of credit supply are more adversely affected by the legal changes, and they also decrease overall debt borrowing and investment. Moreover, firms affected by the reforms use secured debt less frequently, aligning with the idea that these legal changes diminish the protection afforded to secured creditors. In addition, borrowing costs rise after the reforms, implying that creditors may adjust the terms of debt contracts to counterbalance the decreased legal protection.
allfieldsGer	10.1016/j.intfin.2024.102044 doi (DE-627)1903036348 (DE-599)KXP1903036348 DE-627 ger DE-627 rda eng Liu, Xiaotian verfasserin aut Bankruptcy reforms and corporate debt structure Xiaotian Liu, Yaxuan Qi, Wai Yee Wan 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Bankruptcy law (dpeaa)DE-206 Borrowing cost (dpeaa)DE-206 Creditor rights (dpeaa)DE-206 Debt structure (dpeaa)DE-206 Qi, Yaxuan verfasserin (DE-588)136305199 (DE-627)578397196 (DE-576)300952422 aut Wan, Wai Yee verfasserin aut Enthalten in Journal of international financial markets, institutions & money Amsterdam : Elsevier, 1997 95(2024) vom: Sept., Artikel-ID 102044, Seite 1-24 Online-Ressource (DE-627)320601811 (DE-600)2020265-9 (DE-576)259485160 1873-0612 nnns volume:95 year:2024 month:09 elocationid:102044 pages:1-24 https://www.sciencedirect.com/science/article/pii/S1042443124001100/pdfft?md5=0a53e6f88310fbdfb39697cecfb670c5&pid=1-s2.0-S1042443124001100-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.intfin.2024.102044 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 95 2024 9 102044 1-24 26 01 0206 4581860342 x1z 20-09-24 26 00 DE-206 A growing number of jurisdictions have adopted bankruptcy law reforms to facilitate debt restructuring. Using a difference-in-differences model based on bankruptcy law reforms in six economically advanced jurisdictions, we discover that firms adopt more diversified debt instruments following the reforms. Importantly, firms that are more vulnerable to a tightening of credit supply are more adversely affected by the legal changes, and they also decrease overall debt borrowing and investment. Moreover, firms affected by the reforms use secured debt less frequently, aligning with the idea that these legal changes diminish the protection afforded to secured creditors. In addition, borrowing costs rise after the reforms, implying that creditors may adjust the terms of debt contracts to counterbalance the decreased legal protection.
allfieldsSound	10.1016/j.intfin.2024.102044 doi (DE-627)1903036348 (DE-599)KXP1903036348 DE-627 ger DE-627 rda eng Liu, Xiaotian verfasserin aut Bankruptcy reforms and corporate debt structure Xiaotian Liu, Yaxuan Qi, Wai Yee Wan 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Bankruptcy law (dpeaa)DE-206 Borrowing cost (dpeaa)DE-206 Creditor rights (dpeaa)DE-206 Debt structure (dpeaa)DE-206 Qi, Yaxuan verfasserin (DE-588)136305199 (DE-627)578397196 (DE-576)300952422 aut Wan, Wai Yee verfasserin aut Enthalten in Journal of international financial markets, institutions & money Amsterdam : Elsevier, 1997 95(2024) vom: Sept., Artikel-ID 102044, Seite 1-24 Online-Ressource (DE-627)320601811 (DE-600)2020265-9 (DE-576)259485160 1873-0612 nnns volume:95 year:2024 month:09 elocationid:102044 pages:1-24 https://www.sciencedirect.com/science/article/pii/S1042443124001100/pdfft?md5=0a53e6f88310fbdfb39697cecfb670c5&pid=1-s2.0-S1042443124001100-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.intfin.2024.102044 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 95 2024 9 102044 1-24 26 01 0206 4581860342 x1z 20-09-24 26 00 DE-206 A growing number of jurisdictions have adopted bankruptcy law reforms to facilitate debt restructuring. Using a difference-in-differences model based on bankruptcy law reforms in six economically advanced jurisdictions, we discover that firms adopt more diversified debt instruments following the reforms. Importantly, firms that are more vulnerable to a tightening of credit supply are more adversely affected by the legal changes, and they also decrease overall debt borrowing and investment. Moreover, firms affected by the reforms use secured debt less frequently, aligning with the idea that these legal changes diminish the protection afforded to secured creditors. In addition, borrowing costs rise after the reforms, implying that creditors may adjust the terms of debt contracts to counterbalance the decreased legal protection.
language	English
source	Enthalten in Journal of international financial markets, institutions & money 95(2024) vom: Sept., Artikel-ID 102044, Seite 1-24 volume:95 year:2024 month:09 elocationid:102044 pages:1-24
sourceStr	Enthalten in Journal of international financial markets, institutions & money 95(2024) vom: Sept., Artikel-ID 102044, Seite 1-24 volume:95 year:2024 month:09 elocationid:102044 pages:1-24
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topic_facet	Bankruptcy law Borrowing cost Creditor rights Debt structure
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container_title	Journal of international financial markets, institutions & money
authorswithroles_txt_mv	Liu, Xiaotian @@aut@@ Qi, Yaxuan @@aut@@ Wan, Wai Yee @@aut@@
publishDateDaySort_date	2024-09-01T00:00:00Z
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ind1=" " ind2=" "><subfield code="a">GBV_ILN_4700</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">95</subfield><subfield code="j">2024</subfield><subfield code="c">9</subfield><subfield code="i">102044</subfield><subfield code="h">1-24</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4581860342</subfield><subfield code="y">x1z</subfield><subfield code="z">20-09-24</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">A growing number of jurisdictions have adopted bankruptcy law reforms to facilitate debt restructuring. Using a difference-in-differences model based on bankruptcy law reforms in six economically advanced jurisdictions, we discover that firms adopt more diversified debt instruments following the reforms. Importantly, firms that are more vulnerable to a tightening of credit supply are more adversely affected by the legal changes, and they also decrease overall debt borrowing and investment. Moreover, firms affected by the reforms use secured debt less frequently, aligning with the idea that these legal changes diminish the protection afforded to secured creditors. In addition, borrowing costs rise after the reforms, implying that creditors may adjust the terms of debt contracts to counterbalance the decreased legal protection.</subfield></datafield></record></collection>
author	Liu, Xiaotian
spellingShingle	Liu, Xiaotian misc Bankruptcy law misc Borrowing cost misc Creditor rights misc Debt structure Bankruptcy reforms and corporate debt structure
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topic_title	26 00 DE-206 A growing number of jurisdictions have adopted bankruptcy law reforms to facilitate debt restructuring. Using a difference-in-differences model based on bankruptcy law reforms in six economically advanced jurisdictions, we discover that firms adopt more diversified debt instruments following the reforms. Importantly, firms that are more vulnerable to a tightening of credit supply are more adversely affected by the legal changes, and they also decrease overall debt borrowing and investment. Moreover, firms affected by the reforms use secured debt less frequently, aligning with the idea that these legal changes diminish the protection afforded to secured creditors. In addition, borrowing costs rise after the reforms, implying that creditors may adjust the terms of debt contracts to counterbalance the decreased legal protection Bankruptcy reforms and corporate debt structure Xiaotian Liu, Yaxuan Qi, Wai Yee Wan Bankruptcy law (dpeaa)DE-206 Borrowing cost (dpeaa)DE-206 Creditor rights (dpeaa)DE-206 Debt structure (dpeaa)DE-206
topic	misc Bankruptcy law misc Borrowing cost misc Creditor rights misc Debt structure
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title_short	Bankruptcy reforms and corporate debt structure
url	https://www.sciencedirect.com/science/article/pii/S1042443124001100/pdfft?md5=0a53e6f88310fbdfb39697cecfb670c5&pid=1-s2.0-S1042443124001100-main.pdf https://doi.org/10.1016/j.intfin.2024.102044
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ind1=" " ind2=" "><subfield code="a">GBV_ILN_4700</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">95</subfield><subfield code="j">2024</subfield><subfield code="c">9</subfield><subfield code="i">102044</subfield><subfield code="h">1-24</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4581860342</subfield><subfield code="y">x1z</subfield><subfield code="z">20-09-24</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">A growing number of jurisdictions have adopted bankruptcy law reforms to facilitate debt restructuring. Using a difference-in-differences model based on bankruptcy law reforms in six economically advanced jurisdictions, we discover that firms adopt more diversified debt instruments following the reforms. Importantly, firms that are more vulnerable to a tightening of credit supply are more adversely affected by the legal changes, and they also decrease overall debt borrowing and investment. Moreover, firms affected by the reforms use secured debt less frequently, aligning with the idea that these legal changes diminish the protection afforded to secured creditors. In addition, borrowing costs rise after the reforms, implying that creditors may adjust the terms of debt contracts to counterbalance the decreased legal protection.</subfield></datafield></record></collection>
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Bankruptcy reforms and corporate debt structure

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