haku: @author Tuckman, B. / yhteensä: 2
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| Tekijä: | Kahan, M. Tuckman, B. |
| Otsikko: | Do bondholders lose from junk bond covenant changes? |
| Lehti: | Journal of Business
1993 : OCT, VOL. 66:4, p. 499-516 |
| Asiasana: | BONDS BUSINESS ECONOMICS CHANGE |
| Kieli: | eng |
| Tiivistelmä: | This article documents that firms can and do change the covenants of their public debt indentures through consent solicitations. A game-theoretic model shows that bondholders may consent to covenant changes even when it is not in their collective interest to do so. Despite this finding, bondholder returns around solicitations are positive. Further analysis indicates that bondholders coordinate their actions to modify or defeat disadvantageous proposals and therefore can demand some of the gains resulting from covenant modifications. |
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