This paper aims to investigate the determinants of collateral requirements for loans that are extended to small and medium-sized enterprises in less-developed countries. Our primary data source consists of the results from firms in Eastern Europe and Central Asia from the Business Environment...

The goal of this paper is to define a model to assess the potential for unfairness in a freeze-out bond covenant exchange offer by highlighting the role played by coordination among bondholders. To avoid covenant violation as the covenant becomes tighter, a firm can propose an exchange offer to...

Covenants are particular clauses in debt contracts of firms that restrict business policy, giving creditors the possibility of putting precise actions into force - normally early repayment - when the covenants are violated. We refer to the Agency Theory of Covenant (ATC), which assumes that as...

The main objective of this paper is to investigate the determinants of collateral requirements on loans that are extended to small and medium enterprises (SMEs) in less–developed countries. Our primary data source is the Business Environment and Enterprise Performance Survey (BEEPS) results...

In this paper, we use new historical data on the most popular stocks traded at the İstanbul bourse between 1910 and 1914, to examine the effect of wars on stock market prices. During this period, the Ottoman Empire was involved in the Turco-Italian and the Balkan wars, leading to massive land...