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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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