The flight to safety during credit recovery: The role of implicit government guarantees

This paper examines the investor flight-to-safety phenomenon during the credit recovery period following corporate bond defaults. We find that implicit government guarantee (IGG) bonds crowd out non-implicit government guarantee (non-IGG) bonds in the Chinese corporate bond market at the provincial...
Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Liu, Tianming [verfasserIn] Xiong, Haifang [verfasserIn] Li, Yifei [verfasserIn] Wang, Zhiqiang [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2023

Schlagwörter:	The flight to safety Credit recovery Implicit government guarantees Government support

Übergeordnetes Werk:	Enthalten in: Pacific-Basin finance journal - Amsterdam [u.a.] : Elsevier, 1993, 79
Übergeordnetes Werk:	volume:79

DOI / URN:	10.1016/j.pacfin.2023.102013

Katalog-ID:	ELV010086846

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520			\|a This paper examines the investor flight-to-safety phenomenon during the credit recovery period following corporate bond defaults. We find that implicit government guarantee (IGG) bonds crowd out non-implicit government guarantee (non-IGG) bonds in the Chinese corporate bond market at the provincial level. The crowding-out effect is stronger in a province with scarce bank credit resources. In contrast, the crowding-out effect disappears when the bonds are explicitly guaranteed by a third-party or if the default event is triggered by a state-owned enterprise (SOE). This finding is robust to various maturity terms, alternative samples, propensity score matching and placebo tests. Our evidence highlights the significant role of implicit government guarantees in the crowding-out effect during the credit recovery period.
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allfields	10.1016/j.pacfin.2023.102013 doi (DE-627)ELV010086846 (ELSEVIER)S0927-538X(23)00079-3 DE-627 ger DE-627 rda eng 330 VZ Liu, Tianming verfasserin aut The flight to safety during credit recovery: The role of implicit government guarantees 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This paper examines the investor flight-to-safety phenomenon during the credit recovery period following corporate bond defaults. We find that implicit government guarantee (IGG) bonds crowd out non-implicit government guarantee (non-IGG) bonds in the Chinese corporate bond market at the provincial level. The crowding-out effect is stronger in a province with scarce bank credit resources. In contrast, the crowding-out effect disappears when the bonds are explicitly guaranteed by a third-party or if the default event is triggered by a state-owned enterprise (SOE). This finding is robust to various maturity terms, alternative samples, propensity score matching and placebo tests. Our evidence highlights the significant role of implicit government guarantees in the crowding-out effect during the credit recovery period. The flight to safety Credit recovery Implicit government guarantees Government support Xiong, Haifang verfasserin aut Li, Yifei verfasserin aut Wang, Zhiqiang verfasserin aut Enthalten in Pacific-Basin finance journal Amsterdam [u.a.] : Elsevier, 1993 79 Online-Ressource (DE-627)320507564 (DE-600)2013015-6 (DE-576)259484768 0927-538X nnns volume:79 GBV_USEFLAG_U SYSFLAG_U GBV_ELV 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_165 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 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_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_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_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 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_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 79
spelling	10.1016/j.pacfin.2023.102013 doi (DE-627)ELV010086846 (ELSEVIER)S0927-538X(23)00079-3 DE-627 ger DE-627 rda eng 330 VZ Liu, Tianming verfasserin aut The flight to safety during credit recovery: The role of implicit government guarantees 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This paper examines the investor flight-to-safety phenomenon during the credit recovery period following corporate bond defaults. We find that implicit government guarantee (IGG) bonds crowd out non-implicit government guarantee (non-IGG) bonds in the Chinese corporate bond market at the provincial level. The crowding-out effect is stronger in a province with scarce bank credit resources. In contrast, the crowding-out effect disappears when the bonds are explicitly guaranteed by a third-party or if the default event is triggered by a state-owned enterprise (SOE). This finding is robust to various maturity terms, alternative samples, propensity score matching and placebo tests. Our evidence highlights the significant role of implicit government guarantees in the crowding-out effect during the credit recovery period. The flight to safety Credit recovery Implicit government guarantees Government support Xiong, Haifang verfasserin aut Li, Yifei verfasserin aut Wang, Zhiqiang verfasserin aut Enthalten in Pacific-Basin finance journal Amsterdam [u.a.] : Elsevier, 1993 79 Online-Ressource (DE-627)320507564 (DE-600)2013015-6 (DE-576)259484768 0927-538X nnns volume:79 GBV_USEFLAG_U SYSFLAG_U GBV_ELV 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_165 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 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_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_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_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 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_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 79
allfields_unstemmed	10.1016/j.pacfin.2023.102013 doi (DE-627)ELV010086846 (ELSEVIER)S0927-538X(23)00079-3 DE-627 ger DE-627 rda eng 330 VZ Liu, Tianming verfasserin aut The flight to safety during credit recovery: The role of implicit government guarantees 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This paper examines the investor flight-to-safety phenomenon during the credit recovery period following corporate bond defaults. We find that implicit government guarantee (IGG) bonds crowd out non-implicit government guarantee (non-IGG) bonds in the Chinese corporate bond market at the provincial level. The crowding-out effect is stronger in a province with scarce bank credit resources. In contrast, the crowding-out effect disappears when the bonds are explicitly guaranteed by a third-party or if the default event is triggered by a state-owned enterprise (SOE). This finding is robust to various maturity terms, alternative samples, propensity score matching and placebo tests. Our evidence highlights the significant role of implicit government guarantees in the crowding-out effect during the credit recovery period. The flight to safety Credit recovery Implicit government guarantees Government support Xiong, Haifang verfasserin aut Li, Yifei verfasserin aut Wang, Zhiqiang verfasserin aut Enthalten in Pacific-Basin finance journal Amsterdam [u.a.] : Elsevier, 1993 79 Online-Ressource (DE-627)320507564 (DE-600)2013015-6 (DE-576)259484768 0927-538X nnns volume:79 GBV_USEFLAG_U SYSFLAG_U GBV_ELV 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_165 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 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_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_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_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 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_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 79
allfieldsGer	10.1016/j.pacfin.2023.102013 doi (DE-627)ELV010086846 (ELSEVIER)S0927-538X(23)00079-3 DE-627 ger DE-627 rda eng 330 VZ Liu, Tianming verfasserin aut The flight to safety during credit recovery: The role of implicit government guarantees 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This paper examines the investor flight-to-safety phenomenon during the credit recovery period following corporate bond defaults. We find that implicit government guarantee (IGG) bonds crowd out non-implicit government guarantee (non-IGG) bonds in the Chinese corporate bond market at the provincial level. The crowding-out effect is stronger in a province with scarce bank credit resources. In contrast, the crowding-out effect disappears when the bonds are explicitly guaranteed by a third-party or if the default event is triggered by a state-owned enterprise (SOE). This finding is robust to various maturity terms, alternative samples, propensity score matching and placebo tests. Our evidence highlights the significant role of implicit government guarantees in the crowding-out effect during the credit recovery period. The flight to safety Credit recovery Implicit government guarantees Government support Xiong, Haifang verfasserin aut Li, Yifei verfasserin aut Wang, Zhiqiang verfasserin aut Enthalten in Pacific-Basin finance journal Amsterdam [u.a.] : Elsevier, 1993 79 Online-Ressource (DE-627)320507564 (DE-600)2013015-6 (DE-576)259484768 0927-538X nnns volume:79 GBV_USEFLAG_U SYSFLAG_U GBV_ELV 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_165 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 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_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_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_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 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_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 79
allfieldsSound	10.1016/j.pacfin.2023.102013 doi (DE-627)ELV010086846 (ELSEVIER)S0927-538X(23)00079-3 DE-627 ger DE-627 rda eng 330 VZ Liu, Tianming verfasserin aut The flight to safety during credit recovery: The role of implicit government guarantees 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This paper examines the investor flight-to-safety phenomenon during the credit recovery period following corporate bond defaults. We find that implicit government guarantee (IGG) bonds crowd out non-implicit government guarantee (non-IGG) bonds in the Chinese corporate bond market at the provincial level. The crowding-out effect is stronger in a province with scarce bank credit resources. In contrast, the crowding-out effect disappears when the bonds are explicitly guaranteed by a third-party or if the default event is triggered by a state-owned enterprise (SOE). This finding is robust to various maturity terms, alternative samples, propensity score matching and placebo tests. Our evidence highlights the significant role of implicit government guarantees in the crowding-out effect during the credit recovery period. The flight to safety Credit recovery Implicit government guarantees Government support Xiong, Haifang verfasserin aut Li, Yifei verfasserin aut Wang, Zhiqiang verfasserin aut Enthalten in Pacific-Basin finance journal Amsterdam [u.a.] : Elsevier, 1993 79 Online-Ressource (DE-627)320507564 (DE-600)2013015-6 (DE-576)259484768 0927-538X nnns volume:79 GBV_USEFLAG_U SYSFLAG_U GBV_ELV 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_165 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 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_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_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_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 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_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 79
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author	Liu, Tianming
spellingShingle	Liu, Tianming ddc 330 misc The flight to safety misc Credit recovery misc Implicit government guarantees misc Government support The flight to safety during credit recovery: The role of implicit government guarantees
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topic_title	330 VZ The flight to safety during credit recovery: The role of implicit government guarantees The flight to safety Credit recovery Implicit government guarantees Government support
topic	ddc 330 misc The flight to safety misc Credit recovery misc Implicit government guarantees misc Government support
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title	The flight to safety during credit recovery: The role of implicit government guarantees
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title_full	The flight to safety during credit recovery: The role of implicit government guarantees
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title_sort	the flight to safety during credit recovery: the role of implicit government guarantees
title_auth	The flight to safety during credit recovery: The role of implicit government guarantees
abstract	This paper examines the investor flight-to-safety phenomenon during the credit recovery period following corporate bond defaults. We find that implicit government guarantee (IGG) bonds crowd out non-implicit government guarantee (non-IGG) bonds in the Chinese corporate bond market at the provincial level. The crowding-out effect is stronger in a province with scarce bank credit resources. In contrast, the crowding-out effect disappears when the bonds are explicitly guaranteed by a third-party or if the default event is triggered by a state-owned enterprise (SOE). This finding is robust to various maturity terms, alternative samples, propensity score matching and placebo tests. Our evidence highlights the significant role of implicit government guarantees in the crowding-out effect during the credit recovery period.
abstractGer	This paper examines the investor flight-to-safety phenomenon during the credit recovery period following corporate bond defaults. We find that implicit government guarantee (IGG) bonds crowd out non-implicit government guarantee (non-IGG) bonds in the Chinese corporate bond market at the provincial level. The crowding-out effect is stronger in a province with scarce bank credit resources. In contrast, the crowding-out effect disappears when the bonds are explicitly guaranteed by a third-party or if the default event is triggered by a state-owned enterprise (SOE). This finding is robust to various maturity terms, alternative samples, propensity score matching and placebo tests. Our evidence highlights the significant role of implicit government guarantees in the crowding-out effect during the credit recovery period.
abstract_unstemmed	This paper examines the investor flight-to-safety phenomenon during the credit recovery period following corporate bond defaults. We find that implicit government guarantee (IGG) bonds crowd out non-implicit government guarantee (non-IGG) bonds in the Chinese corporate bond market at the provincial level. The crowding-out effect is stronger in a province with scarce bank credit resources. In contrast, the crowding-out effect disappears when the bonds are explicitly guaranteed by a third-party or if the default event is triggered by a state-owned enterprise (SOE). This finding is robust to various maturity terms, alternative samples, propensity score matching and placebo tests. Our evidence highlights the significant role of implicit government guarantees in the crowding-out effect during the credit recovery period.
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title_short	The flight to safety during credit recovery: The role of implicit government guarantees
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author2	Xiong, Haifang Li, Yifei Wang, Zhiqiang
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doi_str	10.1016/j.pacfin.2023.102013
up_date	2024-07-06T16:46:38.051Z
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We find that implicit government guarantee (IGG) bonds crowd out non-implicit government guarantee (non-IGG) bonds in the Chinese corporate bond market at the provincial level. The crowding-out effect is stronger in a province with scarce bank credit resources. In contrast, the crowding-out effect disappears when the bonds are explicitly guaranteed by a third-party or if the default event is triggered by a state-owned enterprise (SOE). This finding is robust to various maturity terms, alternative samples, propensity score matching and placebo tests. 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The flight to safety during credit recovery: The role of implicit government guarantees

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