Results 321 to 330 of about 787,442 (356)

Debt Dynamics with Fixed Issuance Costs

SSRN Electronic Journal, 2022
We investigate equilibrium debt dynamics for a firm that cannot commit to a future debt policy and is subject to a fixed restructuring cost. We formally characterize equilibria when the firm is not required to repurchase outstanding debt prior to issuing additional debt. For realistic values of issuance costs and debt maturity, the no-commitment policy
Benzoni, Luca, Garlappi, Lorenzo, Goldstein, Robert S., Ying, Chao   +3 more
openaire   +2 more sources

Cost of Debt Determinant

International Conference On Research And Development (ICORAD), 2020
This study aims to analyze the cost of debt which is influenced by family ownership and institutional ownership. The total population of 193 manufacturing companies listed on the IDX in 2016 and 2020 with a sample size of 108 through purposive sampling.
Lilis Fidiyawati, Elva Nuraina, Nur Wahyuning Sulistyowati   +2 more
openaire   +1 more source

Religiosity and the cost of debt

Journal of Banking & Finance, 2016
Abstract In a cross-country setting, we document that stronger religiosity is associated with lower loan interest spread. In addition, we show that this negative association is more pronounced in countries with weaker creditor rights, suggesting that religious values play a more significant role in constraining opportunistic behavior in a weaker ...
Hanwen Chen, Henry He Huang, Gerald J. Lobo, Chong Wang   +3 more
openaire   +1 more source

Debt, Agency Costs, and Industry Equilibrium

The Journal of Finance, 1991
ABSTRACTWe show that risk characteristics of projects' cash flows are endogenously determined by the investment decisions of all firms in an industry. As a result, in reasonable settings, financial structures which create incentives to expropriate debtholders by increasing risk are shown not to reduce value in an industry equilibrium.
Maksimovic, Vojislav, Zechner, Josef
openaire   +1 more source

Debt Covenants, Agency Costs and Debt Maturity

SSRN Electronic Journal, 2009
Corporate debt maturity is a concave function of financial leverage when the debt has restrictive asset-based covenants attached. This concavity kicks in earlier with increasing covenant tightness and is absent when firms have no restrictive asset-based covenants.
Jamie Alcock, Frank Finn, Kelvin Jui Keng Tan   +2 more
openaire   +1 more source

The Costs of Debt Contracts and the Repeated Use of Debt Covenants

Asia-Pacific Journal of Financial Studies, 2009
Abstract I examine the tendency to repeatedly use the same financial covenant in debt contracts and the economic determinants of such repeated use. Using the Dealscan database, I find a tendency to repeatedly use the same financial covenant.
openaire   +1 more source

Sinking Funds and the Cost of Corporate Debt

The Journal of Finance, 1979
TWO MAJOR REASONS GENERALLY are cited for including sinking fund provisions in corporate bond issues. First, they reduce default risk by providing for an orderly debt service pattern that systematically reduces the principal outstanding. Second, purchases for the sinking fund help provide a liquid market for the bond issue (see [2]).
Dyl, Edward A, Joehnk, Michael D
openaire   +1 more source

RECENT DEVELOPMENTS IN THE COST OF DEBT CAPITAL

The Journal of Finance, 1978
THE IRRELEVANCE OF financial policy was first noted by J. B. Williams [46] some forty years ago, as he stated that "no change in the investment value of the enterprise as a whole would result from a change in its capitalization."' In 1952, Durand [9], in contrasting the Net Operating Income and the Net Income approaches to market valuation ...
openaire   +1 more source

Institutional Ownership Stability and the Cost of Debt

SSRN Electronic Journal, 2006
Abstract This study documents that the stability of institutional ownership plays an important role in determining the cost of debt. After controlling for other determinants of the cost of debt, and correcting for the endogeneity of institutional ownership stability, three major results are uncovered.
Elyas Elyasiani, Jingyi (Jane) Jia, Connie X. Mao   +2 more
openaire   +1 more source

The True Cost of Debt

Employee Counselling Today, 1989
Outlines the main issues arising from debt, and explains one approach to helping people cope. Examines the effects of debt at home and work. Considers the causes of the amount of debt in the UK to be: loss of income, marital breakdown, over‐commitment, financial mismanagement and poverty.
openaire   +1 more source