This paper analyzes the process of private negotiations between financial institutions and companies. It relies on a private database consisting of correspondence between TIAA-CREF and 40 of the firms it contacted during a period from 1992 to 1996. The analysis suggests that private negotiations...

Private placement bonds have unique financial contracting in controlling borrower-lender agency conflicts due to direct monitoring and the relative ease of future renegotiation. Our data show that private placements are more likely to have restrictive covenants and are more likely to be issued...

This study examines recommendations made by brokerage and non-brokerage firms to evaluate the differential agency costs across three unique production environments. The results highlight and outline the inherent differences between brokerage and non-brokerage firms' recommendations.