haku: @author Francis, J. / yhteensä: 15
viite: 14 / 15
| Tekijä: | Francis, J. |
| Otsikko: | Corporate compliance with debt covenants |
| Lehti: | Journal of Accounting Research
1990 : AUT, VOL. 28:2, p.326-347 |
| Asiasana: | ACCOUNTING ACCOUNTING RESEARCH |
| Kieli: | eng |
| Tiivistelmä: | The author presents and tests a model of corporate compliance with the debt covenant requiring payment of a current obligation. The model predicts that shareholders will default when (i) interest rates have declined w.r.t. coupon rates, (ii) the probability of paying future obligations is high, and (iii) the cost of obtaining funds to pay the obligations is high. Finally, the model generates a measure of the costs associated with a particular debt covenant. |
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