Results 211 to 220 of about 1,022 (255)

Lender Capital Management and Financial Covenant Strictness

The Accounting Review, 2023
ABSTRACT We provide evidence that lenders with lower regulatory capital issue loans with lower financial covenant strictness, consistent with such lenders viewing borrower covenant violations as costlier. This is because a borrower covenant violation may lead the lender to downgrade the loan, which triggers accounting that further ...
Peter R. Demerjian, Edward L. Owens, Matias Sokolowski   +2 more
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Financial Accounting Characteristics and Debt Covenants

SSRN Electronic Journal, 2007
We examine the relation between financial accounting characteristics and accounting-based debt covenants. We hypothesize that use of accounting-based covenants is more likely when asymmetric timeliness is higher and accounting discretion is reduced, because the covenants can more efficiently reduce agency costs in these circumstances.
Richard M. Frankel, Lubomir P. Litov
openaire   +1 more source

The covenants and financial crises

2018
This chapter identifies three key elements for effectively implementing the Covenants in times of financial crisis: a people-oriented, rights-based perspective, a process to foster coherence, and a new paradigm for bridging the gap between human rights and international financial regulations.
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Efficiency in Financial Contracting: Bond Covenants and Corporate Bankruptcy

Journal of business and management, 1994
Stephen Ferris, Narayanan Jayaraman, Vidhan Goyal   +2 more
exaly   +2 more sources

The Usefulness of GAAP Earnings in Financial Covenants

Journal of International Accounting Research
ABSTRACT Earnings-based debt covenants in Japan typically reference GAAP earnings, particularly “ordinary income,” an earnings measure unique to Japan defined as earnings before taxes and special items. We posit that ordinary income serves as an effective summary indicator of firms’ operating and financing performance and that its use
Takuma Kochiyama, Ryosuke Nakamura
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Financial Covenants aus juristischer Sicht

2013
Der nachfolgende Beitrag stellt Covenants, allen voran Financial Covenants (Finanzkennzahlen), aus juristischer Sicht dar und geht dabei auf die Auspragung von Covenants in Kreditvertragen sowie Anleihen ein. Die Herleitung der rechtlichen Grundlagen erfolgt dabei auf Basis der in Kreditvertragen verwendeten Covenants und deren rechtlicher Einordnung ...
Frank Regelin, Nadine Bourgeois
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Financial reporting, debt covenants and convertible debts

Asian Review of Accounting, 2022
PurposeThis 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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Financial Covenant as a Form of Corporate Governance

CIVIL LAW
The article is about the role of the financial covenant as a corporate governance instrument in Russian law. The article discusses issues related to the study of the legal nature of the covenant.
Vadim G. Krylov, Arseny N. Federyakin
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The Impact of Financial Covenants in Private Loan Contracts on Classification Shifting

SSRN Electronic Journal, 2017
This study examines whether firms with private loan contracts that contain debt covenants based on earnings before interest, taxes, depreciation, and amortization (EBITDA) are more likely to misclassify core expenses as special items (i.e., classification shift).
Yun Fan, Wayne B. Thomas, Xiaoou Yu
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Heterogeneity of covenants violations and corporate financial behaviour

2023
The purpose is to investigate how heterogeneous covenants and breaches, which are a source of uncertainty for firms, influence their heterogeneous capital structure behaviour. An innovative dataset is exploited combining Compustat data and EDGAR/SEC data scanned for US firms quarterly over the period 1981q1-2020q4.
maria elena bontempi, laura bottazzi
openaire   +1 more source