Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 7 of 7 for “"Debt Covenants"”.
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INTERNAL CONTROL QUALITY AND INFORMATION ASYMMETRY IN THE SECONDARY LOAN MARKET
… of the loan specific characteristics such as debt covenants, credit rating and number of lenders (syndication) in the secondary loan market on the association between ICDs and IA. Results suggest that firms that disclose ICDs have significant positive association with IA and that ICDs reported …
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How lender-specific factors affect their covenant negotiation strategies
This study builds upon the debt covenant and banking literature to explore the empirical relationship between bank characteristics and debt covenants. With the use of different covenant restrictiveness proxies, in addition to different model specifications, the study that bank size, credit risk, …
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Essays in financial economics
… corporate finance: how valuable are restrictive debt covenants in reducing the agency costs of debt? I answer this question by exploiting the revealed preference decision to refinance fixed-coupon debt, which weighs observable interest rate savings against the unobservable costs of a change in …
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Operational Risk and Financial Covenants
… 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. Using new measures from 10-K risk factor …
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Creditor rights, entrepreneurship, and productivity
… and restructuring outcomes at firms violating debt covenants. We use establishment-level data from the U.S. Census Bureau to demonstrate that covenant violations are followed by reductions in employment, investment, and more frequent establishment closures among violating firms' noncore …
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Tax-Based Collateral Limitations, Borrowing Arrangements and Firm Value
… foreign assets as collateral in obtaining U.S. debt financing. I find that tax-based collateral limitations are associated with reduced debt capacity and higher borrowing costs. Additionally, I show that collateral limitations are associated with a decrease in the use of capital covenants and an …
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Uncertainty in Debt Finance: Reconceptualising Material Adverse Change Clauses
… valuable and complex deals, such as corporate debt financing or mergers and acquisitions (“M&A”) deals, include special contractual risk allocation provisions, called Material Adverse Change/Effect (“MAC”) clauses. Despite increasing popularity, vague drafting and the lack of case law have made …