Proprietary information and the choice between public and private debt

被引：1

作者：

Bae, Kee-Hong ^{[1
]}

Dai, Yunhao ^{[2
]}

Tan, Weiqiang ^{[3
]}

Wang, Wenming ^{[4
]}

机构：

[1] York Univ, Schulich Sch Business, Toronto, ON, Canada

[2] Huazhong Univ Sci & Technol, Sch Econ, Wuhan, Peoples R China

[3] Educ Univ Hong Kong, Dept Social Sci & Policy Studies, Hong Kong, Peoples R China

[4] Zhejiang Univ, Sch Management, Dept Finance & Accounting, Hangzhou, Peoples R China

来源：

ACCOUNTING AND FINANCE | 2024年 / 64卷 / 02期

基金：

中国国家自然科学基金;

关键词：

Financing choice; Inevitable disclosure doctrine; Proprietary information; TRADE SECRETS LAW; INSTITUTIONAL INVESTORS; CAPITAL STRUCTURE; BANK DEBT; FINANCIAL INTERMEDIATION; CORPORATE GOVERNANCE; INNOVATION; MATURITY; RETURNS; COST;

D O I：

10.1111/acfi.13197

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The high costs of disclosing confidential information lead firms with proprietary information to prefer private debt (bank loan) to public debt (corporate bond). We provide empirical evidence supporting this proposition using the staggered adoption of the inevitable disclosure doctrine (IDD) by US state courts that exogenously increased the value of proprietary information. The focal firms are significantly less likely to issue bonds after the IDD adoption. Financing through public debt decreases more for firms in which the protection of proprietary information is relatively more important.

引用

页码：1693 / 1721

页数：29

共 59 条

[1] Restrictions on Managers' Outside Employment Opportunities and Asymmetric Disclosure of Bad versus Good News [J].