The “homemade leverage” conjecture by Modigliani and Miller (1958) implies that firm leverage and investors’ leverage are substitutes. Using the data of margin loans by Chinese stock investors, we find that investors take significantly fewer margin loans on a stock when the company...

A growing number of jurisdictions have adopted bankruptcy law reforms in the spirit of U.S. Chapter 11 to facilitate the restructuring of distressed corporate debt. This paper evaluates the impact of these reforms on firms' choice of debt structures. Using a difference-in-differences design...

The paper examines the relationship between debt financing and firm efficiency and the moderating role of liquidity holding. We focus on countries that have strong manufacturing industries, specifically China, Germany, India and Japan. The study shows that the firms' efficiency relates...

This paper examines the relationship between corporate debt and firm productivity. We add to the existing literature by investigating the contingency effect of institutional quality in the corporate debt-productivity nexus. Using data for 2,084 Chinese listed firms, we find that corporate debt...

This book comprises 19 papers published in the Special Issue entitled "Corporate Finance", focused on capital structure (Kedzior et al., 2020; Ntoung et al., 2020; Vintilă etal., 2019), dividend policy (Dragotă and Delcea, 2019; Pinto and Rastogi, 2019) and open-market share repurchase announcements (Ding...

We investigate the influence of national culture on corporate debt maturity choice. Based on the framework of Williamson, we argue that culture located in social embeddedness level can shape contracting environments by serving as an informal constraint that affects human actors' incentives and...