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- W2552028624 abstract "This paper documents how debt holders respond to possible loss of reputational capital of firms involved in corporate lawsuits revealing a significant tightening impact on issuers’ public debt properties. All else equal, investment grade bonds of litigated issuers have 4.9% higher yield spread, 11-month shorter maturity, and $14.7 million less issuance volume than propensity score matched bonds of non-litigated issuers. The effect is more pronounced in bank-loan related cases, when issuers were defendants, or lost the case. Issuers’ political connections moderate bond price sensitivity to litigations. Results suggest a causal link between litigation and cost of debt and are robust to alternative tests. Additionally, the paper reports a negative and significant abnormal bond return and excess trading volume around public announcements of lawsuits." @default.
- W2552028624 created "2016-11-30" @default.
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- W2552028624 date "2017-01-01" @default.
- W2552028624 modified "2023-09-29" @default.
- W2552028624 title "How Lenders Evaluate Lawsuits? Evidence from Corporate Bond Market" @default.
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- W2552028624 doi "https://doi.org/10.2139/ssrn.2872705" @default.
- W2552028624 hasPublicationYear "2017" @default.
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