Vivian van Breemen

186 5c o. 4n swt reu cstei ot no. uItn oSuerc t mi o ent h5o. 6d owl oeg yp r aonv di d ei no uS er cat inoanl y 5s i. s5 awned dt hi sec ums sa i nt h ee mspa imr ipc al el results, with Section 5.7 we conclude. 5.2 Literature Review 5.2.1 Creditor Rights: Cross-Country Differences Lc rae dPiot or tras ient c aolu. n(t1r9i e9s8w) ist hh ocwo mt mh aotn d- l iaf wf e roerni gc iens ceoxmi spt airne dt ht oe cloeug na lt rpi erso twe ictthi ocni v iol -f law origin. They also find that common-law origin countries offer stronger legal pp rr oo tt ee cc tt ii oo nn ti on car ecdoiut onrt sr yt haarne ,c fi vo irl -el axwa mo pr il ge i, nt hc oo us en twr iiet hs . Ihni gd hi ceart-oqrusaol if tsyt ri on ns tgi et ur tl ieognasl and a lower degree of government corruption (La Porta et al., 1998; 2002), and seus tpaebrliios rh ecdo usrttrsa nadn di ni ntshoel vlei tnecrya tpurroe ctehsas te sb u( Di l jdasn kuopvo ne tt ha le. , w2 0o0r k7 )o. fT Lh ae rPe oirst aa ewt eal ll-. (i n1 9c o9 r7p; o1 r9a9t 8e )f ibnya np cr oi nvgi ds i(neg. gm. , Bo raee eavni dd eGnocyea ol , n2 t0h0e9i ;mBpe on rmt aenl ec ce ho af nc rde Bd ietrogrmp ar on t, e2c0t 1i o1n; Brockman and Unlu, 2009; Houston et al. 2010; Miller and Reisel, 2012; Qian and Strahan, 2007). These studies show that the willingness of creditors to extend cr irgehdtist . aFnodr teaxkaemrpi sl ek ,s Qa iraen s ai gnndi f iSctarna thl ay nh i(g2h0e0r7 i)n f icnodu netvriide es nwc ei t ht hsattr osnt rgoenr gcerre dl ei tgoarl protection results in loans with longer maturities and lower loan spreads. The findings of Bae and Goyal (2009) complement those of Qian and Strahan, al osa tnh es yi z ef os uanndd t hl oaat nb amnaktsu rr ietai ec st . t To hpeoyo ra l es on f or er pc eoarbt i tl iht ay t oof nceo notfr at hc tes mb yi t irgeadnutcsi nt og low legal protection in a country is to increase loan spreads. Similarly, Esty and Mw ietghgtihnes os nt r e( n2 g0 t0h3o) f fci nr edd ti ht oart rtihg eh tssi zi ne aocf osuynntdriyc. aCtoe nl toraanr ys ti os tphoessi et i vf ienldy i na sgsso, Cc ihaot eedt

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