Information Asymmetry at Debt Rollover and Startup Loans

For very helpful comments, the authors thank Jeremy Bertomeu, Briana Chang, Lin William Cong, Christian Riis Flor, Itay Goldstein, Zhiguo He, Yuzhi Hu, David Hirshleifer, Deniz Kattwinkel, Robert Marquez, Felipe Varas, Andrew Winton, Anthony Zhang, Hongda Zhong, Zhen Zhou, and seminar and conference participants at 2022 MFA, 2022 CICF, 2023 BSE summer forum, 2023 AMES, Workshop on Strategic Interaction in Corporate Finance, UC Berkeley Accounting, UNC Chapel Hill, Tongji University, Fudan University, and Universidad de los Andes. The paper was circulated under the title “Credit Rating Scale and Startup Loans.”