Essays on Corporate Finance and Credit Market

No abstract availableThe first paper explores how the introduction of reference information affects the outcomes in the private lending market. From 2012, the Chinese government gradually built private lending registration service centres (Pcentres) in different cities. I apply Difference-In-Difference (DID) analysis based on the online Peer-to-Peer (P2P) lending data from Renrendai. To address the endogeneity, I use the timing of local private lending problem in the Chinese-style political cycle to instrument the decision to introduce Pcentres. Results show that the introduction of Pcentres pushes up the P2P loan trading volume and the success rate of applications. Remarkably, Pcentres reduce the dispersion of contract terms and this effect is mainly driven by the less educated. Furthermore, it shows Pcentres improve the loan repayment performance. This research reports novel evidence that the government can build common language among agents as public goods to guide the informal financial market. The second paper examines the impact of green attention shocks on the market integration of corporate bond and equity markets and discusses the efficiency of the reallocation of funding caused by green attention shocks. The third paper empirically shows that stronger investor protection improves the efficiency of contractual resolutions of financial distress