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  "subfield": "corporate_finance",
  "subfield_secondary": "law and finance / credit access and financial development",
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  "identification": {
   "estimand": "Effect of France's 2006 collateral reform, which allowed nonpossessory pledges of physical assets, on the borrowing, real outcomes, start-up formation and survival, and credit-access inequality of private French firms.",
   "strategy": "Matched difference-in-differences comparing high- versus low-fixed-assets-intensity firms before and after 2006. Firms are propensity-score matched on predetermined traits, with firm and industry-year fixed effects. Triple-difference splits by size, age and financial constraints; hazard models for bankruptcy; spatial and Gini analyses; Wurgler-style allocation-efficiency regressions.",
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    "Absent the reform, high- and low-fixed-assets firms would have followed parallel trends.",
    "Pre-reform fixed-asset intensity is a valid proxy for exposure to newly pledgeable assets.",
    "No contemporaneous shocks differentially affect high-fixed-assets firms; other law changes are discussed in the institutional section."
   ],
   "threats_addressed": [
    "Pre-reform differences between treated and control firms (matching; Table I balance)",
    "Pre-existing differential trends (parallel trends tests)",
    "Generic shocks to asset-intensive firms (placebo regressions on other Napoleonic-Code countries)",
    "Non-collateral channels (short-term unsecured debt used as a falsification outcome)",
    "Rural effect driven by industry or size composition (spatial distribution checks)"
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   "convention_notes": "Table notes write out the estimating equation (firm and industry-year fixed effects, Post×Treated), define outcome columns and panels, and describe the matched sample. Hazard-model specifications are given in the notes where used. Descriptive tables report means before and after the reform plus differences. Standard-error treatment is not visible in the excerpts.",
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    "claim": "The reform raised long-term leverage and cut zero-debt incidence mainly for high-fixed-assets private firms; short-term debt was unaffected.",
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    "evidence_ref": "Table II; Figures 2-4"
   },
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    "claim": "Treated firms increased investment, employment, sales and profitability and had lower profit volatility and bankruptcy hazard.",
    "evidence_type": "table",
    "evidence_ref": "Table III"
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   {
    "claim": "Small, young and financially constrained firms gained the most credit access.",
    "evidence_type": "table",
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   },
   {
    "claim": "Rural firms gained most, and departmental credit Gini indices fell sharply, especially in rural departments.",
    "evidence_type": "figure",
    "evidence_ref": "Figures 5-6"
   },
   {
    "claim": "Start-ups had higher at-inception leverage, located farther from large cities, and had lower exit and bankruptcy rates after the reform.",
    "evidence_type": "table",
    "evidence_ref": "Tables VI-VII; Figure 7"
   },
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    "claim": "Cross-industry capital allocation efficiency improved, more so in fixed-asset-heavy and externally dependent sectors.",
    "evidence_type": "table",
    "evidence_ref": "Tables VIII-IX"
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    "claim": "Treated and control firms show parallel pre-reform trends.",
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    "evidence_ref": "Table X"
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  "structural_summary": "Opens with a political epigraph, then motivates the topic with the Napoleonic possessory-ownership regime and an understanding gap. The introduction previews results in sequence: credit, real outcomes, democratization by firm type and geography, then macro allocation efficiency, closing with law-and-finance positioning. The body describes the institutional setting and identification logic, then data and the matched DID design. Results sections cover the average firm, distributional and spatial effects, start-ups, and capital allocation efficiency. A dedicated robustness section follows, and the conclusion restates findings and draws policy implications.",
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