Mansi, Sattar A.; Maxwell, William F.; Wald, John K. - In: Journal of Law and Economics 52 (2009) 4, pp. 701-717
We examine the impact of state payout restrictions on firms' credit ratings and bond yields. Using publicly traded bond data for a sample of large firms, we find that firms incorporated in states with more restrictive payout statutes (for example, New York and California) have better credit...