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Pré-publication, Document de travail Année : 2023

Access to Credit after Emerging from Corporate Bankruptcy

Résumé

This paper identifies the credit restrictions that small firms are facing after emerging from bankruptcy. Using the French credit register, I implement a differencein-difference strategy that exploits staggered removal of bankruptcy flags in the form of an exogenous change in credit ratings. I focus on small and medium businesses between 2012 and 2019 and show that the flag removal leads to an increase in bank credit of 1.7%. The flag removal does not make relationship banks forget about the past bankruptcy. Instead, it removes adverse information for new banks that subsequently start lending. As a result, financially constrained firms rely less on supplier debt and increase their investment by 15%.
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Dates et versions

halshs-03957890, version 1 (26-01-2023)

Identifiants

  • HAL Id : halshs-03957890 , version 1

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Chloé Zapha, Banque de France. Access to Credit after Emerging from Corporate Bankruptcy. 2023. ⟨halshs-03957890⟩
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Dernière date de mise à jour le 20/04/2024
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