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Estimating the Benefits of Contractual Completeness

Gregor Matvos.

in The Review of Financial Studies

November 2013; p ublished online September 2013 .

Journal Article. Subjects: Corporate Governance; Economics; Contract Law; Market Structure, Firm Strategy, and Market Performance. 22909 words.

I provide a revealed-preference-based framework that uses covenant prices and choices to quantitatively study how covenants generate firm benefits by completing debt contracts. I use a...

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Growing Out of Trouble? Corporate Responses to Liability Risk

Todd A. Gormley and David A. Matsa.

in The Review of Financial Studies

August 2011; p ublished online April 2011 .

Journal Article. Subjects: Production and Organizations; Corporate Governance; Mergers and Acquisitions; Tort Law. 19909 words.

This article analyzes corporate responses to the liability risk arising from workers' exposure to newly identified carcinogens. We find that firms, especially those with weak balance...

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Labor Protection and Leverage

Elena Simintzi, Vikrant Vig and Paolo Volpin.

in The Review of Financial Studies

February 2015; p ublished online August 2014 .

Journal Article. Subjects: Wages, Compensation, and Labour Costs; Labour-Management Relations, Trade Unions, and Collective Bargaining; Corporate Governance; Bankruptcy; Employment and Labour Law. 14590 words.

This paper exploits intertemporal variations in employment protection across countries and finds that rigidities in labor markets are an important determinant of firms' capital structure...

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Optimal Property Rights in Financial Contracting

Kenneth Ayotte and Patrick Bolton.

in The Review of Financial Studies

October 2011; p ublished online August 2011 .

Journal Article. Subjects: Property Law; Contract Law; Corporate Governance; Bankruptcy. 16338 words.

This article adopts a definition of property rights from legal scholarship: A property right (in contrast to a contractual right) is enforceable, not only against the parties to a contract,...

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Repossession and the Democratization of Credit

Juliano J. Assunção, Efraim Benmelech and Fernando S. S. Silva.

in The Review of Financial Studies

September 2014; p ublished online December 2013 .

Journal Article. Subjects: Corporate Governance; Bankruptcy; Contract Law; Law and Economics. 13188 words.

We exploit a 2004 credit reform in Brazil that simplified the sale of repossessed cars used as collateral for auto loans. We show that the reform expanded credit to riskier, self-employed...

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Ties that Truly Bind: Noncompetition Agreements, Executive Compensation, and Firm Investment

Mark J. Garmaise.

in The Journal of Law, Economics, and Organization

August 2011; p ublished online November 2009 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Contract Law; Wages, Compensation, and Labour Costs; Mobility, Unemployment, and Vacancies; Corporate Governance. 19105 words.

We study the effects of noncompetition agreements by analyzing time-series and cross-sectional variation in the enforceability of these contracts across US states. We find that tougher...

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Wrongful Discharge Laws and Innovation

Viral V. Acharya, Ramin P. Baghai and Krishnamurthy V. Subramanian.

in The Review of Financial Studies

January 2014; p ublished online April 2013 .

Journal Article. Subjects: International Finance; Corporate Governance; Labour-Management Relations, Trade Unions, and Collective Bargaining; Labour Standards: National and International; Employment and Labour Law. 21505 words.

We show that wrongful discharge laws—laws that protect employees against unjust dismissal—spur innovation and new firm creation. Wrongful discharge laws, particularly those that prohibit...

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