منابع مشابه
Creditor rights and corporate risk-taking
We propose that stronger creditor rights in bankruptcy affect corporate investments by reducing corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater propensity of firms to engage in diversifying acquisitions and of firms with low-recovery assets to acquire targets with high-recovery assets. These relations are strongest in countries where manage...
متن کاملCreditor Rights and Corporate Debt Structure∗
Much of our understanding of creditor rights is based on the notion that better enforcement of contracts reduces borrowing costs, thereby relaxing financial constraints. But what if these rights are too strong? We empirically investigate this question by examining the effect of a securitization reform that strengthened secured creditors rights on corporate debt structure. Strikingly, we find th...
متن کاملImpact of Financial Characteristics on Future Corporate Risk-Taking Behavior
Organizational risk is often defined as a change in the flow of profit, or as a sys-tematic or non-systematic changes in the stock return flow. The risk taking of management is conceptualized as the actual investment decisions that are indictors due to uncertainty results. The purpose of this study is to investigate the effect of financial characteristics on future corporate risk taking behavio...
متن کاملGlobalization of Corporate Risk Taking
We explore how the interconnected nature of global finance affects corporate risk taking. We show that a common global factor known to be associated with fluctuations in cross-border banking is also strongly associated with common comovements in corporate risk-taking across a diverse universe of international firms. Our study contributes to the international business literature as the first com...
متن کاملData Appendix for Creditor Control Rights, Corporate Governance, and Firm Value*
The initial sample of firm-quarter observations are derived from a September 2009 extract of the fundamentals quarterly table from Compustat. We include any U.S. firm (fic = “USA”) outside of the financial industry (sic outside of 6000 to 6999) and all firm-quarter observations with nonmissing information on total assets (atq), total sales (saleq), common shares outstanding (cshoq), closing sha...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2008
ISSN: 1556-5068
DOI: 10.2139/ssrn.1085195