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Keywords: cost of debt
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Journal Articles
The Accounting Review (2019) 94 (5): 57–82.
Published: 01 September 2019
...John M. Bizjak; Swaminathan L. Kalpathy; Vassil T. Mihov ABSTRACT We find that firms that grant performance-contingent (p-c) equity awards with accounting-based vesting conditions to their CEOs have lower cost of debt and less restrictive loan terms. The benefits of p-c accounting-based awards...
Journal Articles
The Accounting Review (2019) 94 (2): 267–295.
Published: 01 March 2019
... to using an instrumental variables approach. We further find that guideline adoption has a negative effect on bond yield spreads and that after the adoption, firms' risk-taking incentives are lower. These results suggest that guideline adoption benefits debtholders by lowering agency costs of debt. However...
Journal Articles
The Accounting Review (2016) 91 (4): 1139–1165.
Published: 01 July 2016
... segment disclosure cost of debt co-insurance Theory indicates that corporate diversification reduces a firm's default risk. By aggregating different industrial segments with imperfectly correlated earnings, a diversified firm can benefit from a co-insurance effect that decreases the variability...
Journal Articles
The Accounting Review (2012) 87 (4): 1385–1413.
Published: 01 July 2012
... be influenced by uninformative content. I use a unique dataset from a peer-to-peer lending website, Prosper.com , to demonstrate an economically large effect of voluntary, unverifiable disclosures in reducing the cost of debt. My results show an additional unverifiable disclosure is associated with a 1.27...
Journal Articles
The Accounting Review (2011) 86 (4): 1131–1156.
Published: 01 July 2011
...Dan Dhaliwal; Chris Hogan; Robert Trezevant; Michael Wilkins ABSTRACT We test the relationship between the change in a firm's cost of debt and the disclosure of a material weakness in an initial Section 404 report. We find that, on average, a firm's credit spread on its publicly traded debt...