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Income Smoothing and the Cost of Debt [PDF]
SSRN Electronic Journal, 2009 AbstractThe literature on income smoothing focuses on the effect of earnings smoothing on the equity market. This paper investigates the effect of income smoothing on the debt market. Using the Tucker–Zarowin (TZ) statistic of income smoothing, we find that firms with higher income smoothing rankings exhibit lower cost of debt, suggesting that the ...
Li, Si, Richie, Nivine
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Criminals, bankruptcy, and cost of debt [PDF]
Review of Accounting Studies, 2021 AbstractWe examine whether criminal records of CEOs and rank-and-file employees are associated with firms’ likelihood of bankruptcy, and whether lenders adjust their required cost of debt accordingly. We use a nationwide sample of private firms and criminal registers covering all firm employees.
Kasper Regenburg +1 more
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The Journal of Finance, 2010 ABSTRACTWe use exogenous variation in tax benefit functions to estimate firm‐specific cost of debt functions that are conditional on company characteristics such as collateral, size, and book‐to‐market. By integrating the area between the benefit and cost functions, we estimate that the equilibrium net benefit of debt is 3.5% of asset value, resulting ...
van Binsbergen, Jules +2 more
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Does debt structure heterogeneity reduce the cost of capital?
Revista Contabilidade & Finanças, 2022 This paper seeks to investigate the relationship between the level of debt structure heterogeneity and the cost of debt of publicly and privately held Brazilian companies in the period from 2020 to 2019.
João Paulo Augusto Eça +1 more
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Economics and Business Review, 2021 The aim of the paper is to examine the impact of environmental, social and corporate governance (ESG) responsibility on the short- and long-term cost of debt.
Ratajczak Piotr, Mikołajewicz Grzegorz
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Schedule Unpredictability and High-Cost Debt: The Case of Service Workers
Sociological Science, 2022 High-cost financial services allow economically insecure families to make ends meet but often contribute to additional financial strain in the long run.
Mariana Amorim, Daniel Schneider
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Debt Capacity, Cost of Debt, and Corporate Insurance [PDF]
Journal of Financial and Quantitative Analysis, 2008 AbstractUsing a unique insurance dataset for a sample of Chinese publicly listed companies for the period 1997 through 2003, this study tests the simultaneous linkages between debt capacity, cost of debt, and corporate property insurance. Our results suggest that, on the one hand, a higher cost of debt appears to motivate the use of more property ...
Zou, H, Adams, MB
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DETERMINANTS OF INTEREST RATES ON CORPORATE DEBT
Фінансово-кредитна діяльність: проблеми теорії та практики, 2021 . The objective of this article is theoretical and methodological justifying of determining algorithm of the cost of debt capital for enterprises functioning in emerging markets (EM).
O. Tereshchenko +3 more
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Cogent Business & Management, 2023 This study examines the relationship between environment, social responsibility, and governance (ESG) information disclosure and firms’ value. It also investigates how debt cost is the mediate variable between the ESG and firms’ value.
Dong Siwei, Wongvanichtawee Chalermkiat
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Institutional ownership and cost of debt: evidence from Thailand
Cogent Business & Management, 2023 This article aims to investigate whether institutional investors aid in lowering the cost of debt using a sample of 311 nonfinancial firms listed on the Stock Exchange of Thailand (SET) over 2011–2020.
Yordying Thanatawee
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