East Germany
The Nasty Gap 30 years after unification: Why East Germany is still 20% poorer than the West Dossier In a nutshell The East German economic convergence process is hardly…
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Ownership Structure and the Cost of Debt: Evidence From the Chinese Corporate Bond Market
Sris Chatterjee, Xian Gu, Iftekhar Hasan, Haitian Lu
Journal of Empirical Finance,
September
2023
Abstract
Drawing upon evidence from the Chinese corporate bond market, we study how ownership structure affects the cost of debt for firms. Our results show that state, institutional and foreign ownership formats reduce the cost of debt for firms. The benefits of state ownership are accentuated when the issuer is headquartered in a province with highly developed market institutions, operates in an industry less dominated by the state or during the period after the 2012 anti-corruption reforms. Institutional ownership provides the most benefits in environments with lower levels of marketization, especially for firms with low credit quality. Our evidence sheds light on the nexus of ownership and debt cost in a political economy where state-owned enterprises (SOEs) and non-SOEs face productivity and credit frictions. It is also illustrative of how the market environment interacts with corporate ownership in affecting the cost of bond issuance.
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PhD Graduates Financial Markets
PhD Graduates of the Department of Financial Markets Eleonora Sfrappini: "Four Essays on Banking, Climate Risks and Financial Regulation" (2024) Willam McShane: "The Competitive…
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Lecturers
Lecturers at CGDE Institutions Jordan Adamson Assistant Professor at Institute for Empirical Economic Research, Leipzig University. Website Course: Econometrics (winter term…
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Department Profiles
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Productivity
Productivity: More with Less by Better Available resources are scarce. To sustain our society's income and living standards in a world with ecological and demographic change, we…
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Charts
Info Graphs Sometimes pictures say more than a thousand words. Therefore, we selected a few graphs to present our main topics visually. If you should have any questions or would…
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Joint Economic Forecast
Joint Economic Forecast The joint economic forecast is an instrument for evaluating the overall economic situation and development in Germany, the euro area and the rest of the…
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IWH Forecasting Dashboard
IWH Forecasting Dashboard The objective of the IWH Forecasting Dashboard (ForDas) is to provide a platform for macroeconomic forecasts from various institutions for the German…
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Macro Data Download
Macro Data Download On this page, you will find long time series of macroeconomic data provided by IWH for download. Please note that most files come with labels and legends in…
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