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| Author: | Roberts, R.R. Sufi, A. |
| Title: | Renegotiation of financial contracts: Evidence from private credit agreements |
| Journal: | Journal of Financial Economics
2009 : AUG, VOL. 93:2, p. 159-184 |
| Index terms: | finance contracts bargaining negotiation USA |
| Language: | eng |
| Abstract: | Based on a large sample of private credit agreements btw. U.S. publicly traded firms and financial institutions, this study shows that more than 90 percent of long-term debt contracts are renegotiated prior to their stated maturity. Large changes to the amount, maturity, and pricing of the contract are resulted in by renegotiations (here as: renegts.) which happen relatively early in the life of the contract, and rarely as a consequence of distress or default etc. |
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