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Keywords: asset substitution
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Journal Articles
The Accounting Review (2021) 96 (4): 315–339.
Published: 01 July 2021
... 7 2020 2021 agency conflict managerial compensation vega operating risks investment policy asset substitution bankruptcy credit default swap (CDS) In this study, we examine whether and how stringent lender monitoring reduces the efficacy of risk-inducing incentives put...
Journal Articles
The Accounting Review (2019) 94 (6): 165–200.
Published: 01 November 2019
... past lending relationships. We show that the borrower has a stronger incentive to engage in a suboptimal investment decision (i.e., asset substitution) ex post when the lender lacks incentive to truthfully reveal this information. We identify conditions under which, ex ante...