Narrow search
Showing 1 - 10 of 26,270
Cover Image
Discussion of 'Borrower Private Information Covenants and Loan Contract Monitoring'
Nikolaev, Valeri V. - 2017
Carrizosa and Ryan (2017) explore the use of private information covenants, which contractually oblige borrowers to provide their lenders with private information: projected or intra-quarter financial statements. The authors offer evidence that creditors acquire private information about...
Persistent link: https://www.econbiz.de/10012951596
Cover Image
Assessing the Quality of Bank Loan Ratings
Gopalan, Radhakrishnan - 2019
As opposed to the public debt market, the ultimate users of bank loan ratings, lenders, may prefer inflated ratings to …
Persistent link: https://www.econbiz.de/10012903168
Cover Image
Corporate governance myths : comments on Armstrong, Guay, and Weber
Brickley, James A.; Zimmerman, Jerold L. - 2010
This paper argues that academics, politicians, and the media have six commonly held but misguided beliefs about corporate governance. While Armstrong, Guay, and Weber (2010) discuss some of these misconceptions, a wider recognition that these beliefs are actually “myths” is important. They...
Persistent link: https://www.econbiz.de/10008695774
Cover Image
Conservatism in Debt Contracting : Theory and Empirical Evidence
Penalva, Fernando - 2020
information is used for debt contracting. The theoretical literature shows mixed results whether conservative accounting is … conservatism in debt financing, but also beyond. The results overwhelmingly support the view that conservatism plays a useful role … in debt contracting, although there are also some mixed results. We describe key results and empirical designs, and we …
Persistent link: https://www.econbiz.de/10012848727
Cover Image
Accounting Information in Financial Contracting : The Incomplete Contract Theory Perspective
Christensen, Hans Bonde - 2016
This paper reviews theoretical and empirical work on financial contracting that is relevant to accounting researchers. Its primary objective is to discuss how the use of accounting information in contracts enhances contracting efficiency and to suggest avenues for future research. We argue that...
Persistent link: https://www.econbiz.de/10013003257
Cover Image
Strategic Priorities, Relational Contracting Clarity and the Use of Subjectivity in Incentive Contracts
Bormann, Sara - 2015
This paper examines a potential problem associated with the use of subjectivity in incentive contracts: Relational contracting clarity. Clarity refers to the extent to which the terms of a relational contract, or subjective assessment can be communicated and an employee and his superior are able...
Persistent link: https://www.econbiz.de/10013036596
Cover Image
CEO Contractual Protection and Managerial Short-Termism
Chen, Xia - 2015
How to address managerial short-termism is an important issue for companies, regulators, and researchers. We examine the effect of CEO contractual protection, in the form of employment agreements and severance pay agreements, on managerial short-termism. We find that firms with CEO contractual...
Persistent link: https://www.econbiz.de/10013029214
Cover Image
Optimal Security Design under Asymmetric Information and Profit Manipulation
Koufopoulos, Kostas - 2018
financiers. The literature restricts attention to monotonic securities and finds that straight debt is the uniquely optimal … sufficient conditions for debt to be optimal. Contrary to conventional wisdom, debt is often suboptimal and it is never uniquely …
Persistent link: https://www.econbiz.de/10012937909
Cover Image
Debt Contracts, Loss Given Default and Accounting Information
Amiram, Dan - 2018
debt contracts. Using a sample of defaulted bonds, we find that borrower accounting information available at contract …
Persistent link: https://www.econbiz.de/10012940411
Cover Image
Optimal Security Design Under Asymmetric Information and Profit Manipulation
Koufopoulos, Kostas - 2019
' securities and finds that straight debt is the unique optimal contract. We characterize the optimal contract when entrepreneurs … can misreport their earnings by some amount. Straight debt is often suboptimal and never uniquely optimal. The optimal …
Persistent link: https://www.econbiz.de/10012904442