We use required 8-K filings around major borrowings to shed light on firms' choices of whether to comply with SEC disclosure rules. We first develop a simple model in which the firm weighs the benefit of obscuring the disclosure of an adverse event, against the cost of failing to comply with a...

In this study, we consider whether forgoing a tax refund in favor of carrying losses forward conveys information relevant to prospective lenders. We model the tax refund decision and provide evidence that lenders rationally infer that firms with higher expected future profits are more likely to...

In this study, I consider the effects of tax risk from tax volatility on the pricing of syndicated debt. Tax volatility is an interesting feature in that managers have some discretion over the risks they take with their tax strategies, which, however, are often harder to monitor for outsiders...

I examine how debt contracts allocate control over unforeseen investment decisions. Consistent with theoretical arguments, I find that debt contracts more likely to face unforeseen investment decisions (1) rely relatively more on performance or income statement-based covenants than on balance...

In this study, I consider the effects of tax risk from tax volatility on the pricing of syndicated debt. Tax volatility is an interesting feature in that managers have some discretion over the risks they take with their tax strategies, which, however, are often harder to monitor for outsiders...

We examine whether firms hold more cash in the face of tax uncertainty. Because of gray areas in the tax law and aggressive tax avoidance, the total amount of tax that a firm will pay is uncertain at the time it files its returns. The tax authorities can challenge and disallow the firm's tax...

The London Interbank Offer Rate (LIBOR), based on inputs from banks, is plausibly the most important set of reference interest rates in the world. Following the LIBOR rigging scandal and the post-2008 decline in interbank lending underpinning LIBOR, banks and regulators have agreed to sustain...

I investigate whether and how syndicate size influences the type of covenants used in debt contracts. Prior theory and evidence suggest that renegotiation considerations from coordination difficulties in large syndicates and intertemporal transfers due to relationship lending in small syndicates...