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COVENANT UNIVERSITY POLICY ON PLAGIARISM AND OTHER FORMS OF ACADEMIC DISHONESTY [PDF]
Covenant University, Policies
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Accounting quality, debt covenant design, and the cost of debt
Review of Quantitative Finance and Accounting, 2015 We examine whether debt covenant design (threshold tightness, covenants frequency, covenant interdependence, and overall covenant strictness) reduces the adverse effect of poor accounting quality on the cost of debt in the private lending market. We predict and find that when borrowing firms exhibit low accounting quality, lenders tend to increase debt
Joseph H Zhang
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Debt covenants and corporate acquisitions
Journal of Corporate Finance, 2018Abstract We investigate the impact of debt covenants on acquisition characteristics. We find that acquirers with covenants pay lower merger premiums, make more focused acquisitions, and engage in acquisitions with higher synergy gains and higher acquirer returns around deal announcement, relative to those without.
Ahmad Ismail
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Debt Covenants and Cross-Sectional Equity Returns
Management Science, 2017This paper investigates the impact of debt covenant protection on the cross section of equity returns with a firm-level covenant index and four subindices. We find that firms with weaker covenant protection (lower covenant index levels) earn significantly higher risk-adjusted equity returns than do those firms with greater covenant protection.
Jean Helwege, Jing-Zhi Huang
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Managerial stock ownership, debt covenants, and the cost of debt
Pacific-Basin Finance Journal, 2023Steve Lin
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Debt covenants and renegotiation
Journal of Financial Intermediation, 1992Abstract We analyze the value to firms of being able to renegotiate covenants in their debt contracts. Covenants control agency problems, but also reduce firms' flexibility to pursue profitable investments. Initial covenants will be more severe for renegotiable contracts, because they can be relaxed selectively when the lender believes they pose an ...
Mitchell Berlin, Loretta J Mester
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The Role of Covenants in Public and Private Debt
SSRN Electronic Journal, 2009Covenants are particular clauses in debt contracts of firms that restrict business policy, giving creditors the possibility of putting precise actions into force - normally early repayment - when the covenants are violated. We refer to the Agency Theory of Covenant (ATC), which assumes that as long as the offsetting benefits exceeds the costs of the ...
Bazzana, Flavio, Broccardo, Eleonora
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2022
Relationships between lenders and borrowers that emerge from debt contracts, hold potential for conflicts among the involved parties. Debt covenants are agreements in the debt contract that offer a mechanism to mitigate these conflicts which originate in agency problems and informational asymmetries. They aim to restrict managerial behaviour by setting
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Relationships between lenders and borrowers that emerge from debt contracts, hold potential for conflicts among the involved parties. Debt covenants are agreements in the debt contract that offer a mechanism to mitigate these conflicts which originate in agency problems and informational asymmetries. They aim to restrict managerial behaviour by setting
openaire +1 more source
Financial reporting, debt covenants and convertible debts
Asian Review of Accounting, 2022PurposeThis study proposes an alternative perspective on why firms issue convertible debt, to supplement the largely theoretical motives identified in the existing literature. It hypothesises that the separate presentation of convertible debt into its equity and liability components has economic consequences and advantage that explain why firms issue ...
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