Results 11 to 20 of about 308,712 (275)
Creditor Dispersion and Debt Covenants
SSRN Electronic Journal, 2013 Coordination failure among owners of heterogeneous debt types increases distress costs. Covenants reduce expected distress costs by lowering the probability of liquidity shortages, increasing liquidation values, and incentivizing creditor monitoring.
Lou, Yun, Otto, Clemens
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Underinvestment, capital structure and strategic debt restructuring [PDF]
, 2010 This paper shows that shareholders' option to renegotiate debt in a period of financial distress exacerbates Myers' (1977) underinvestment problem at the time of the firm's expansion.
Pawlina, G
core +5 more sources
The Double Role of Financial Covenants in Bond Issues in Brazil
Revista Brasileira de Gestão De Negócios, 2020 Purpose – This study aims to identify the relationship between the use of financial covenants and the cost of borrowing via bonds issued by firms in Brazil.
Jonatan Marlon Konraht +1 more
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DETERMINASI TRANSFER PRICING PADA PERUSAHAAN MANUFAKTUR DI INDONESIA
Kompartemen: Jurnal Ilmiah Akuntansi, 2021 This study aims to determine the effect of income tax, tunneling incentive, and debt covenant on transfer pricing indications. The research population uses manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2015-2019.
Dinda Oktaviyanti +2 more
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Optimal Dividend and Capital Structure with Debt Covenants [PDF]
Journal of Optimization Theory and Applications, 2020 zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Chevalier, Etienne +2 more
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Корпоративные финансы, 2017 Covenants provide advantages of the mitigation of an agency conflict related to debt including such problems as underfi-nancing, asset substitution and the dilution of liabilities.
Evgeni Getopanov, Elena Chirkova
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Debt Dilution, Debt Covenants, and Macroeconomic Fluctuations
, 2023 Debt covenants are pervasive in debt contracts. To prevent the dilution of existing debt, most creditors set covenants of a maximum debt-to-earnings ratio for borrowing firms. In this paper, we embed debt covenants into a workhorse real business cycle model with defaultable long-term debt to study its macroeconomic implications. In our model, creditors
Fang, Min, Zhou, Wentao
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Design and Renegotiation of Debt Covenants [PDF]
Review of Financial Studies, 2005 We analyze the design and renegotiation of covenants in debt contracts as a particular example of the contractual assignment of property rights under asymmetric information. In particular, we consider a setting where future firm investments are efficient in some states, but also involve a transfer from the lender(s) to shareholders.
Nicolae Garleanu, Jeffrey Zwiebel
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The Role of Bond Covenants and Short-Term Debt: Evidence from Brazil [PDF]
BAR: Brazilian Administration Review, 2013 This paper examines the role of financial covenants as substitutes for short-term debt and a possible trade off between short-term debt and long-term debt, especially for companies with growth opportunities.
Vinícius Augusto Brunassi Silva +2 more
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Экономика и управление, 2021 Aim. The presented study aims to investigate the use of the project financing mechanism to increase the investment activity of businesses and to identify opportunities for the allocation of cyclical risks and the corresponding development of project ...
N. V. Tsekhomskiy, D. V. Tikhomirov
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