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| Author: | Beneish, M. Press, E. |
| Title: | Costs of technical violation of accounting-based debt covenants |
| Journal: | Accounting Review
1993 : APR, VOL. 68:2, p. 233-257 |
| Index terms: | COSTS ACCOUNTING DEBT TECHNOLOGY |
| Language: | eng |
| Abstract: | The study investigates the costs of technical violation for a sample of 91 firms that violated accounting-based covenants in debt agreements between 1983 and 1987. The sample includes firms for which the technical violation was sufficiently material to merit disclosure. the authors provide direct evidence of refinancing and restructuring costs by examining changes in terms of debt agreements, and changes in investing and financing decisions. Refinancing costs arise because lenders raise interest rates on loans and notes following violation. |
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