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Journal Articles
The Accounting Review (2023) 98 (3): 397–425.
Published: 01 May 2023
... show that credit warnings reduce default rates by 3.7 to 7 percentage points and increase loan take-up rates by 4.1 percentage points, which suggests that credit warnings benefit both lenders and borrowers. The main drivers appear to be borrowers’ anticipation of a reduction in lenders’ informational...
Journal Articles
The Accounting Review (2019) 94 (2): 133–156.
Published: 01 March 2019
... for Financial Studies at Columbia Business School. Editor's note: Accepted by K. R. Subramanyam, under the Senior Editorship of Mark L. DeFond. September 2014 June 2018 2019 debt covenants financial constraints leverage investments default This paper examines the role...