This paper considers potential differences in the appraisal of event-risk covenants by the two rating agencies, Samp;P and Moody's. While Samp;P supplements its traditional bond ratings with even-risk covenant rankings, Moody's incorporates its judgment of these covenants directly into its bond...

This paper examines an optimal underwriter participation model and develops testable hypotheses regarding the influence of certain factors on the degree of underwriter participation in initial public offerings (IPOs) of common stock. The issue of underwriter participation is important primarily...

Event risk covenants (ERCs) became popular as a bondholder protection measure during the height of restructuring activities in the 1980s. We investigate the empirical relation between firm characteristics and the likelihood of ERCs in bond indentures. In particular, we examine whether a firm's...