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Exploiting the staggered adoption of anti-recharacterization laws across various U.S. states as quasi-exogenous shocks to secured lenders' ability to repossess assets in bankruptcy, we find that the strengthening of creditor rights is associated with a significant decrease in the cost of equity...
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This study examines the role of institutional common owners on a firm's cost of equity capital. Following the theoretical and empirical literature on common ownership, we hypothesize that common owners could reduce a firm's cost of capital by reducing product market competition and improving...
Persistent link: https://www.econbiz.de/10012868572
Exploiting the staggered adoption of universal demand (UD) laws as exogenous shocks to filing derivative lawsuits, we find that weakened shareholder litigation rights cause a significant increase in the cost of debt. Deteriorated corporate governance, increased information asymmetry, and...
Persistent link: https://www.econbiz.de/10012968431
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