Results 221 to 230 of about 1,022 (255)
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Financial Inclusion in the New Covenant for Growth
2017This chapter examines how financial inclusion served as a powerful strategy to boost the potential consumption of the “new middle classes,” nurturing the transition toward a mass consumption society in Brazil. The move to mass consumption, in the absence of an underlying structural shift (since social heterogeneity was not overcome), facilitated the ...
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The Debt-Contracting Value of Accounting Numbers and Financial Covenant Renegotiation
Management Science, 2020Building on incomplete contract theory, I investigate whether the likelihood of renegotiating financial covenants is affected by the debt-contracting value of borrowers’ accounting numbers. The debt-contracting value captures the inherent ability of accounting numbers to predict credit quality.
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Financial Covenants, Credit Risk, and the Resolution of Uncertainty
SSRN Electronic Journal, 2010I examine the role of financial covenants in private debt contracts. I predict that financial covenants help limit ex ante uncertainty about the borrower’s performance - the risk that the borrower will default on the loan - in the contract. I find that covenant inclusion is positively related to uncertainty measured prior to contracting.
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Financial Covenants, Firm Financing, and Investment
Firms reduce investment to avoid costly violations of financial covenants, most of which are based on earnings. Empirically, I show that a 25% drop in earnings implies a 15% decrease in investment for the median listed US firm due to the reduced distance to the covenant threshold.openaire +3 more sources
Operational Risk and Financial Covenants
This paper examines how borrowers’ demand-side and supply-side risks shape the design of debt covenants in private loan contracts. Demand-side risk arises from customer concentration and demand volatility, while supply-side risk stems from supplier dependencies and supply chain fragility.openaire +1 more source
The use of financial covenants in Australian private debt contracts
2021The author retains copyright of this thesis. It must only be used for personal non-commercial research, education and study. It must not be used for any other purposes and may not be transmitted or shared with others without prior permission. For further terms on this licence: https://rightsstatements.org/page/InC-EDU/1.0/?language=en Contact ...
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Performance Measures in Earnings‐Based Financial Covenants in Debt Contracts
Journal of Accounting Research, 2012ABSTRACTThis paper examines how performance measures are defined in major earnings‐based financial covenants in loan contracts to shed light on the economic rationales underlying the contractual use of performance measures. I find an earnings‐based covenant is typically based on a performance measure close to earnings before interest, tax, amortization,
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On Financial Covenants as Incentives to Borrowers
SSRN Electronic Journal, 2011Redouane Elkamhi +2 more
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Financial Ratios and Credit Risk: The Selection of Financial Ratio Covenants in Debt Contracts
SSRN Electronic Journal, 2007This study examines the selection of financial ratio covenants in debt contracts. Expanding on existing theory and evidence, I predict that loan contracts will include covenants with ratios that are informative of credit risk based on borrower or contract characteristics. The results support this prediction.
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Navigating financial toxicity in patients with cancer: A multidisciplinary management approach
Ca-A Cancer Journal for Clinicians, 2022Maria Pisu +2 more
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