Creditor Rights

Working Paper

01 October 2013

The Effect of Creditor Rights on Bank Monitoring, Capital Structure and Risk-taking

We examine the multi-faceted effect of creditor rights on the way banks monitor, operate and finance themselves. We present a simple analytical model that shows that a strengthening of creditor rights reduces the need for banks to...

Sudarshan Jayaraman | Anjan Thakor
01 March 2016

Creditor Rights, Claims Enforcement, and Bond Returns in Mergers and Acquisitions

By means of an international sample of cross-border mergers and acquisitions (M&As) involving firms with outstanding Eurobonds from the US, Europe, and other countries around the world, we show that bond performance around...

Luc Renneboog | Peter Szilagyi | Cara Vansteenkiste
19 June 2020

Uncertainty, Access to Debt, and Firm Precautionary Behavior

Better access to debt markets mitigates the effects of uncertainty on corporate policies. We establish this result using the staggered introduction of anti-recharacterization laws in U.S. states. These laws enhanced firms’...

Giovanni Favara | Janet Gao | Mariassunta Giannetti

News