We augment the LLSV creditor rights index with a new “restructuring index” that measures the incentives provided to creditors to grant concessions outside formal bankruptcy. We study the joint impact of the two indexes on a firm's leverage policy. We show that the two indexes have at most a...

We augment the LLSV creditor rights index with a new “restructuring index” that measures the incentives provided to creditors to grant concessions outside formal bankruptcy. We study the joint impact of the two indexes on a firm's leverage policy. We show that the two indexes have at most a...

Using panel data for 19 OECD countries covering the period 1986-1995, we find effect of general economic uncertainty on venture-capital investments to be significantly negative. The more irreversible late-stage venture-capital investments are much more adversely affected by such uncertainty than...