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Keywords: covenants
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Journal Articles
The Accounting Review (2021) 96 (3): 261–286.
Published: 01 May 2021
... breaches face higher loan spreads and their loans are more likely to require collateral and demand more covenants. The effects are more pronounced when the data breach involves criminal activities or the loss of a large number of records, or when the breached firm belongs to certain industries or has...
Journal Articles
The Accounting Review (2019) 94 (2): 133–156.
Published: 01 March 2019
...Moshe Cohen; Sharon P. Katz; Sunay Mutlu; Gil Sadka ABSTRACT Prior evidence shows a reduction in leverage after covenant violations, but we do not know whether covenants affect leverage before they are violated. In this study, we use an exogenous accounting-based shock to debt...
Journal Articles
The Accounting Review (2018) 93 (6): 301–329.
Published: 01 November 2018
...Daniel Saavedra ABSTRACT I investigate whether and how syndicate size influences the type of covenants used in debt contracts. Prior theory and evidence suggest renegotiation considerations from coordination difficulties in large syndicates and intertemporal transfers due to relationship lending...
Journal Articles
The Accounting Review (2012) 87 (2): 483–512.
Published: 01 March 2012
...Judson Caskey; John S. Hughes ABSTRACT We examine how alternative accounting measures of fair value impact the ability of debt covenants to mitigate inefficient investment decisions. In our setting, shareholders make a non-contractible project choice after signing a debt contract. At a later date...