-dependent firms, which are mainly large and state-owned companies in China, increase (decrease) their leverage ratios if loan supplies … private firms. During the credit boom in 2009 and 2010, the large and state-owned firms increase leverage ratios by 2.26% and … 2.76% more than matched firms; and small and private firms are shown to decrease leverage in this period. These findings …

In this paper, we ask how firms’ optimal debt structure responds to a change in the bankruptcy regime. While existing … suggest that the high liquidation value PSB firms reduced their leverage relative to others after the reform compared to … before. On the other hand, the low liquidation value PSB firms increased their leverage. We further find that the relative …

issuer firms expand their total assets and fixed assets, and also raise their leverage …

-post performance, we find that issuer firms expand their total assets and fixed assets, and also raise their leverage …

their leverage …

-post performance, we find that issuer firms expand their total assets and fixed assets, and also raise their leverage. …

leverage faced tighter constraints in accessing bank credit after the COVID-19 outbreak in spring 2020. Specifically, SMEs with … higher pre-COVID leverage obtained a smaller volume of new loans and had to pay a higher spread on them during the pandemic … were not able to substitute to other sources of debt financing and thus experienced more of a reduction in total debt as …