Publication d'un article dans le "Journal of Corporate Finance" (rang 2)
Publié le 8 juin 2020, Mis à jour le 29 juin 2020
Christophe Godlewski, enseignant-chercheur à l'EM Strasbourg, a récemment publié un article dans le "Journal of Corporate Finance".
Journal of Corporate Finance
Christophe Godlewski (LaRGE, EM Strasbourg) a écrit, pour l'édition de juin, un article intitulé "How legal and institutional environments shape the private debt renegotiation process?".
Abstract: I investigate how legal and institutional conditions around loan origination influence a private debt renegotiation process. Using a large sample of 15,000 loans on the European credit market, I apply a sequential logit model to consider the renegotiation likelihood, the conditional probability of multiple renegotiation rounds or multiple amended terms, and the renegotiation outcomes conditional on specific loan amendments. I find that legal systems with stronger protection of creditors control rights have a positive influence on renegotiation likelihood and favorable outcomes on amendments to amount or maturity. Stronger legal protection reduces renegotiation likelihood when creditors face potential strategic default by shareholders. The legal and institutional environment has a significant effect on how the initial design of the financial contract impacts the renegotiation process.
The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.
