Do Debt Contract Enforcement Costs Affect Financing and Asset Structure?
利用印度快速债务回收法庭的分阶段引入，研究发现降低债务合同执行成本会增加长期债务、减少短期债务和商业信用，并促使企业增加长期资产比例。
Using the staggered introduction of fast-track debt recovery courts in India, we estimate the causal effect of a reduction in debt contract enforcement costs on financing and asset maturity. A reduction in enforcement costs is associated with an increase in long-term debt and a decrease in short-term debt and trade credit. The increase in debt maturity is confined to firms that borrow from multiple lenders, have abnormally short debt maturity structures before the reform, and to smaller firms. Firms also reduce the number of banking relationships, and increase the proportion of long-term assets after the reform. Received June 12, 2014; accepted September 17, 2015 by Editor Andrew Karolyi.