KWAN, SIMON H.; CARLETON, WILLARD T. - In: Journal of Money, Credit and Banking 42 (2010) 5, pp. 907-929
The financial contracting in private placement bonds and publicly offered bonds are different. Our data show that private placement bonds are more likely to have restrictive covenants than public bonds. Private placement bonds are also more likely to be issued by smaller and riskier firms. For...