Creditor rights and corporate bond market

Xian Gu and Oskar Kowalewski ()

MPRA Paper from University Library of Munich, Germany

Abstract: We examine whether investor protection affects capital markets in terms of the development of corporate bond markets versus that of equity markets. Using a dataset of 42 countries, we show that in countries with stronger creditor rights, corporate bond markets are more developed than equity markets. In opposition, we find only weak evidence that in countries with stronger shareholder protection, equity markets are more developed than corporate bond markets. Additionally, we find that the effects of financial reforms on capital markets are strongly dependent on the strength of investor protections in a given country and information disclosure.

Keywords: bond market; equity market; law; financial reform; information disclosure; crisis (search for similar items in EconPapers)
JEL-codes: G10 G2 G20 G28 (search for similar items in EconPapers)
Date: 2015-08-31
New Economics Papers: this item is included in nep-cfn
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/67022/1/MPRA_paper_67022.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/67023/1/MPRA_paper_67022.pdf revised version (application/pdf)

Related works:
Journal Article: Creditor rights and the corporate bond market (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:67022

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().