메뉴 건너뛰기




Volumn 102, Issue 1, 2011, Pages 150-166

Creditor rights and corporate risk-taking

Author keywords

Bankruptcy code; Corporate reorganization; Diversification; Investment

Indexed keywords


EID: 84860389511     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2011.04.001     Document Type: Article
Times cited : (532)

References (52)
  • 1
    • 34547689672 scopus 로고    scopus 로고
    • Does industry-wide distress affect defaulted firms? Evidence from creditor recoveries
    • Acharya V., Bharath S., Srinivasan A. Does industry-wide distress affect defaulted firms? Evidence from creditor recoveries. Journal of Financial Economics 2007, 85:787-821.
    • (2007) Journal of Financial Economics , vol.85 , pp. 787-821
    • Acharya, V.1    Bharath, S.2    Srinivasan, A.3
  • 2
    • 78649502860 scopus 로고    scopus 로고
    • Cross-country variations in capital structures: the role of bankruptcy codes
    • Acharya V., Sundaram R., John K. Cross-country variations in capital structures: the role of bankruptcy codes. Journal of Financial Intermediation 2011, 20:25-54.
    • (2011) Journal of Financial Intermediation , vol.20 , pp. 25-54
    • Acharya, V.1    Sundaram, R.2    John, K.3
  • 4
    • 73449099954 scopus 로고    scopus 로고
    • Bankruptcy codes and innovation: a model. Review of Financial Studies online.
    • Acharya, V., Subramanian, K., 2009b. Bankruptcy codes and innovation: a model. Review of Financial Studies online.
    • (2009)
    • Acharya, V.1    Subramanian, K.2
  • 5
    • 0026828112 scopus 로고
    • Bankruptcy and risk allocation
    • Adler B.E. Bankruptcy and risk allocation. Cornell Law Review 1992, 77:439-489.
    • (1992) Cornell Law Review , vol.77 , pp. 439-489
    • Adler, B.E.1
  • 6
    • 84860415752 scopus 로고    scopus 로고
    • Value Destruction in the New Era of Chapter 11. Unpublished Working Paper, NYU Law School.
    • Adler, B., Capkun, V., Weiss, L.A., 2007. Value Destruction in the New Era of Chapter 11. Unpublished Working Paper, NYU Law School.
    • (2007)
    • Adler, B.1    Capkun, V.2    Weiss, L.A.3
  • 7
    • 0019610159 scopus 로고
    • Risk reduction as a managerial motive for conglomerate mergers
    • Amihud Y., Lev B. Risk reduction as a managerial motive for conglomerate mergers. Bell Journal of Economics 1981, 12:605-618.
    • (1981) Bell Journal of Economics , vol.12 , pp. 605-618
    • Amihud, Y.1    Lev, B.2
  • 8
    • 84860422717 scopus 로고    scopus 로고
    • Is there Really No Conglomerate Discount? Unpublished Working Paper, University of St. Gallen.
    • Ammann, M., Hoechle, D., Schmid, M., 2008. Is there Really No Conglomerate Discount? Unpublished Working Paper, University of St. Gallen.
    • (2008)
    • Ammann, M.1    Hoechle, D.2    Schmid, M.3
  • 9
    • 84860399813 scopus 로고    scopus 로고
    • Bankruptcy Law and Entrepreneurship. Unpublished Working Paper, University of Cambridge Faculty of Law.
    • Armour, J., Cumming, D.J., 2005. Bankruptcy Law and Entrepreneurship. Unpublished Working Paper, University of Cambridge Faculty of Law.
    • (2005)
    • Armour, J.1    Cumming, D.J.2
  • 13
    • 0009933769 scopus 로고    scopus 로고
    • Explaining the diversification discount
    • Campa J.M., Kedia S. Explaining the diversification discount. Journal of Finance 2002, 57:1731-1762.
    • (2002) Journal of Finance , vol.57 , pp. 1731-1762
    • Campa, J.M.1    Kedia, S.2
  • 14
    • 51749102179 scopus 로고    scopus 로고
    • How does financing impact investment? The role of debt covenants
    • Chava S., Roberts M. How does financing impact investment? The role of debt covenants. Journal of Finance 2008, 63:2085-2121.
    • (2008) Journal of Finance , vol.63 , pp. 2085-2121
    • Chava, S.1    Roberts, M.2
  • 15
    • 24144476669 scopus 로고    scopus 로고
    • Bankruptcy around the world: explanations of its relative use
    • Claessens S., Klapper L.F. Bankruptcy around the world: explanations of its relative use. American Law and Economic Review 2005, 7:253-283.
    • (2005) American Law and Economic Review , vol.7 , pp. 253-283
    • Claessens, S.1    Klapper, L.F.2
  • 18
    • 1842445955 scopus 로고    scopus 로고
    • Private benefits of control: an international comparison
    • Dyck A., Zingales L. Private benefits of control: an international comparison. Journal of Finance 2004, 59:537-600.
    • (2004) Journal of Finance , vol.59 , pp. 537-600
    • Dyck, A.1    Zingales, L.2
  • 19
    • 0038309552 scopus 로고    scopus 로고
    • Control benefits and CEO discipline in automatic bankruptcy auctions
    • Eckbo B.E., Thorburn K.S. Control benefits and CEO discipline in automatic bankruptcy auctions. Journal of Financial Economics 2003, 69:227-258.
    • (2003) Journal of Financial Economics , vol.69 , pp. 227-258
    • Eckbo, B.E.1    Thorburn, K.S.2
  • 20
    • 1342268965 scopus 로고    scopus 로고
    • Personal bankruptcy and the level of entrepreneurial activity
    • Fan W., White M.J. Personal bankruptcy and the level of entrepreneurial activity. Journal of Law and Economics 2003, 46:543-567.
    • (2003) Journal of Law and Economics , vol.46 , pp. 543-567
    • Fan, W.1    White, M.J.2
  • 24
    • 34548057539 scopus 로고    scopus 로고
    • Antitrust around the world: an empirical analysis of the scope of competition laws and their effects
    • Hylton K., Deng F. Antitrust around the world: an empirical analysis of the scope of competition laws and their effects. Antitrust Law Journal 2007, 74:271-341.
    • (2007) Antitrust Law Journal , vol.74 , pp. 271-341
    • Hylton, K.1    Deng, F.2
  • 25
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs and ownership structure
    • Jensen M., Meckling W. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 1976, 3:305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 26
    • 47849107249 scopus 로고    scopus 로고
    • Corporate governance and managerial risk-taking
    • John K., Litov L., Yeung B. Corporate governance and managerial risk-taking. Journal of Finance 2008, 63:1679-1728.
    • (2008) Journal of Finance , vol.63 , pp. 1679-1728
    • John, K.1    Litov, L.2    Yeung, B.3
  • 27
    • 0000859784 scopus 로고    scopus 로고
    • Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups
    • Khanna T., Palepu K. Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. Journal of Finance 2000, 55:867-891.
    • (2000) Journal of Finance , vol.55 , pp. 867-891
    • Khanna, T.1    Palepu, K.2
  • 28
    • 34447637109 scopus 로고    scopus 로고
    • Is there a diversification discount in financial conglomerates?
    • Laeven L., Levine R. Is there a diversification discount in financial conglomerates?. Journal of Financial Economics 2007, 85:331-367.
    • (2007) Journal of Financial Economics , vol.85 , pp. 331-367
    • Laeven, L.1    Levine, R.2
  • 29
    • 0009167334 scopus 로고    scopus 로고
    • Cash flow and investment: evidence from internal capital markets
    • Lamont O. Cash flow and investment: evidence from internal capital markets. Journal of Finance 1997, 52:83-109.
    • (1997) Journal of Finance , vol.52 , pp. 83-109
    • Lamont, O.1
  • 30
    • 0012533266 scopus 로고    scopus 로고
    • Does diversification destroy value? Evidence from the industry shocks
    • Lamont O., Polk C. Does diversification destroy value? Evidence from the industry shocks. Journal of Financial Economics 2002, 63:51-77.
    • (2002) Journal of Financial Economics , vol.63 , pp. 51-77
    • Lamont, O.1    Polk, C.2
  • 33
    • 38049160423 scopus 로고    scopus 로고
    • From diversification premium to diversification discount during institutional transitions
    • Lee K., Peng M.W., Lee K. From diversification premium to diversification discount during institutional transitions. Journal of World Business 2008, 43:47-65.
    • (2008) Journal of World Business , vol.43 , pp. 47-65
    • Lee, K.1    Peng, M.W.2    Lee, K.3
  • 35
    • 0036337921 scopus 로고    scopus 로고
    • Is corporate diversification beneficial in emerging markets?
    • Lins K., Servaes H. Is corporate diversification beneficial in emerging markets?. Financial Management 2002, 31:5-31.
    • (2002) Financial Management , vol.31 , pp. 5-31
    • Lins, K.1    Servaes, H.2
  • 37
    • 11444266003 scopus 로고    scopus 로고
    • Global diversification and bidder gains: a comparison between cross-border and domestic acquisitions
    • Moeller S.B., Schlingemann F.B. Global diversification and bidder gains: a comparison between cross-border and domestic acquisitions. Journal of Banking and Finance 2005, 29:533-564.
    • (2005) Journal of Banking and Finance , vol.29 , pp. 533-564
    • Moeller, S.B.1    Schlingemann, F.B.2
  • 38
    • 84977702683 scopus 로고
    • Do managerial objectives drive bad acquisitions?
    • Morck R., Shleifer A., Vishny R. Do managerial objectives drive bad acquisitions?. Journal of Finance 1990, 45:31-48.
    • (1990) Journal of Finance , vol.45 , pp. 31-48
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 39
    • 67349180230 scopus 로고    scopus 로고
    • Creditor control rights and firm investment policy
    • Nini G., Smith D., Sufi A. Creditor control rights and firm investment policy. Journal of Financial Economics 2009, 92:400-420.
    • (2009) Journal of Financial Economics , vol.92 , pp. 400-420
    • Nini, G.1    Smith, D.2    Sufi, A.3
  • 41
    • 0003457920 scopus 로고    scopus 로고
    • The cost of diversity: diversification discount and inefficient investment
    • Rajan R., Servaes H., Zingales L. The cost of diversity: diversification discount and inefficient investment. Journal of Finance 2000, 55:35-80.
    • (2000) Journal of Finance , vol.55 , pp. 35-80
    • Rajan, R.1    Servaes, H.2    Zingales, L.3
  • 42
    • 84860399808 scopus 로고    scopus 로고
    • The Dark Side of Internal Capital Markets II. NBER Working Paper No. 6352.
    • Scharfstein, D.S., 1998. The Dark Side of Internal Capital Markets II. NBER Working Paper No. 6352.
    • (1998)
    • Scharfstein, D.S.1
  • 43
    • 0039027668 scopus 로고    scopus 로고
    • The dark side of internal capital markets: divisional rent-seeking and inefficient investment
    • Scharfstein D.S., Stein J.C. The dark side of internal capital markets: divisional rent-seeking and inefficient investment. Journal of Finance 2002, 55:1537-1564.
    • (2002) Journal of Finance , vol.55 , pp. 1537-1564
    • Scharfstein, D.S.1    Stein, J.C.2
  • 44
    • 61449268115 scopus 로고    scopus 로고
    • Do financial conglomerates create or destroy economic value?
    • Schmid M.M., Walter I. Do financial conglomerates create or destroy economic value?. Journal of Financial Intermediation 2009, 18:193-216.
    • (2009) Journal of Financial Intermediation , vol.18 , pp. 193-216
    • Schmid, M.M.1    Walter, I.2
  • 46
    • 0039244094 scopus 로고    scopus 로고
    • Are internal capital markets efficient?
    • Shin H., Stulz R. Are internal capital markets efficient?. Quarterly Journal of Economics 1998, 113:531-552.
    • (1998) Quarterly Journal of Economics , vol.113 , pp. 531-552
    • Shin, H.1    Stulz, R.2
  • 47
    • 84977721574 scopus 로고
    • Liquidation values and debt capacity: a market equilibrium approach
    • Shleifer A., Vishny R. Liquidation values and debt capacity: a market equilibrium approach. Journal of Finance 1992, 47:1343-1366.
    • (1992) Journal of Finance , vol.47 , pp. 1343-1366
    • Shleifer, A.1    Vishny, R.2
  • 49
    • 0009169278 scopus 로고    scopus 로고
    • Who manages risk? An empirical examination of risk management practices in the gold mining industry
    • Tufano P. Who manages risk? An empirical examination of risk management practices in the gold mining industry. Journal of Finance 1996, 51:1097-1137.
    • (1996) Journal of Finance , vol.51 , pp. 1097-1137
    • Tufano, P.1
  • 50
    • 0032397643 scopus 로고    scopus 로고
    • Agency costs of corporate risk management
    • Tufano P. Agency costs of corporate risk management. Financial Management 1998, 27:67-77.
    • (1998) Financial Management , vol.27 , pp. 67-77
    • Tufano, P.1
  • 51
    • 84860422718 scopus 로고    scopus 로고
    • Access to Collateral and Corporate Debt Structure: Evidence from a Natural Experiment. Working Paper, London Business School.
    • Vig, V., 2007. Access to Collateral and Corporate Debt Structure: Evidence from a Natural Experiment. Working Paper, London Business School.
    • (2007)
    • Vig, V.1
  • 52
    • 3042777269 scopus 로고    scopus 로고
    • Does diversification cause the diversification discount?
    • Villalonga B. Does diversification cause the diversification discount?. Financial Management 2004, 33:5-27.
    • (2004) Financial Management , vol.33 , pp. 5-27
    • Villalonga, B.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.