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Bank-firm relationships and corporate ESG greenwashing. [PDF]
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Sliding down the socioeconomic health gradient of COVID-19 in New York City: multinomial regression analyses of disproportionate financial hardship for Black, Latino, and Asian residents and households with children. [PDF]
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Financial covenants in the markets for public and private debt
Accounting and Finance, 2006AbstractThe public debt contracts surveyed in Whittred and Zimmer (1986) and Stokes and Tay (1988) were issued between 1962 and 1985, and there has been significant macroeconomic, institutional and regulatory change since that time. We analyse a sample of 36 recently issued Australian public debt contracts and document a considerable change in the ...
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Financial covenants play a crucial role in mitigating agency conflicts in loan agreements of high leverage. In a European-wide qualitative survey among private equity experts, we assessed the impact of the financial crisis on financial covenants in leveraged buyout transactions.
Ann-Kristin Achleitner
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Financial Covenants and Fire Sales in Closed-End Funds
Management ScienceClosed-end funds are thought to have negligible fire sale risk as they have stable funding. However, I show that embedded covenants can generate price pressure in collateralized loan obligation (CLO) funds, even though such funds are closed end.
Shohini Kundu
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Financial maintenance covenants in bank loans
Economic Theory, 2023zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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When Are Financial Covenants Relevant?
SSRN Electronic Journal, 2020This paper shows that financial covenants have no value for creditors of highly levered firms, because an attempt to enforce their rights in technical default would result in a lower payoff than continued operations under shareholders' control. This explains the widespread use of cov-lite loans by junk firms.
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Covenant-lite Deals and Financial Reporting Quality
SSRN Electronic Journal, 2021We examine how covlite deals, which are debt contracts that lack systematic covenant compliance requirements, affect financial reporting quality. Examining publicly traded U.S. issuers, we show that firms significantly reduce conservative financial reporting but increase the quality of voluntary non-GAAP earnings information in the post-issue-period ...
Adnan Anil Isin, Rajesh Tharyan
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