Does legal protection of trade secrets reduce the cost of debt? Evidence from the inevitable disclosure doctrine
研究美国各州采纳不可避免披露原则（IDD）对企业贷款利差的影响，发现IDD显著降低借款成本，且该效应在管理层更替率低的行业和长期贷款中更强，在高竞争行业、内控薄弱和信息不对称企业中较弱。
Abstract We examine the effect of the inevitable disclosure doctrine (IDD) on cost of debt. Our difference‐in‐differences analyses reveal that the IDD significantly reduces the loan spread for borrowers in adopting states. To elucidate the mechanisms of such finding, we find that the IDD's effect is weaker in industries with high management turnover but stronger for long‐term loans. Moreover, cross‐sectional tests reveal that the effect is weaker for firms facing high industry competition, internal control weakness, and information asymmetry. IDD also mitigates loan covenant tightness. These findings elucidate the implications of IDD on corporate borrowing costs.