C.J. Godlewski, publication dans International Journal of Finance & Economics


Christophe J. Godlewsi, enseignant-chercheur à l'EM Strasbourg, a récemment publié un article dans la revue International Journal of Finance & Economics.

L'article est intitulé “Language and private debt renegotiation” et est accessible en openaccess grâce au partenariat entre Wiley et le consortium Couperin dont l'Université de Strasbourg fait partie.


We study how language affects private debt renegotiation. We predict thatstronger future time reference (FTR) languages alter the importance of renego-tiation risk by lowering the perceived value of loan renegotiation. We test thishypothesis on a sample of 6500 loans issued to European firms between 1999and 2017. We find that the use of a stronger FTR language decreases the likeli-hood of renegotiation and the number of renegotiation rounds. These findingsare robust to several FTR proxies, various specifications including loan, bor-rower, and country-level variables, and potential mitigation effects from spe-cific loan, country, or time effects. They suggest that linguistic structureinfluences the renegotiation process of private debt contracts.

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