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Creditor rights and the corporate bond market

Gu, Xian; Kowalewski, Oskar

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Authors

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Dr Xian Gu xian.gu@durham.ac.uk
Associate Professor in Finance

Oskar Kowalewski



Abstract

This study examines whether investor protection affects capital markets, specifically the development of corporate bond markets versus equity markets. Using a dataset of 42 countries, we show that countries with strong creditor rights have more developed corporate bond markets than equity markets. However, we find only weak evidence that countries with stronger shareholder protection have more developed equity markets than corporate bond markets. Additionally, we find that the effect of financial reforms on capital markets is strongly dependent on the strength of investor protection and on the associated information disclosure in a given country.

Citation

Gu, X., & Kowalewski, O. (2016). Creditor rights and the corporate bond market. Journal of International Money and Finance, 67, 215-238. https://doi.org/10.1016/j.jimonfin.2016.05.002

Journal Article Type Article
Acceptance Date May 13, 2016
Online Publication Date May 17, 2016
Publication Date 2016-10
Deposit Date Aug 4, 2020
Publicly Available Date Aug 5, 2020
Journal Journal of International Money and Finance
Print ISSN 0261-5606
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 67
Pages 215-238
DOI https://doi.org/10.1016/j.jimonfin.2016.05.002
Public URL https://durham-repository.worktribe.com/output/1259031

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