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Measuring the probability of financial covenant violation in private debt contracts

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Cited by:

  1. Urooj Khan & Alvis K. Lo, 2019. "Bank Lending Standards and Borrower Accounting Conservatism," Management Science, INFORMS, vol. 65(11), pages 5337-5359, November.
  2. Björn Imbierowicz & Daniel Streitz, 2024. "Financial debt contracting and managerial agency problems," Financial Management, Financial Management Association International, vol. 53(1), pages 99-118, March.
  3. Victoria Ivashina & Boris Vallee, 2020. "Weak Credit Covenants," NBER Working Papers 27316, National Bureau of Economic Research, Inc.
  4. Huasheng Gao & Huai Zhang & Jin Zhang, 2018. "Employee turnover likelihood and earnings management: evidence from the inevitable disclosure doctrine," Review of Accounting Studies, Springer, vol. 23(4), pages 1424-1470, December.
  5. Takuma Kochiyama & Ryosuke Nakamura & Akinobu Shuto, 2021. "How do bank lenders use borrowers’ financial statements? Evidence from a survey of Japanese banks," CARF F-Series CARF-F-522, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
  6. Jeffrey Pittman & Yuping Zhao, 2020. "Debt Covenant Restriction, Financial Misreporting, and Auditor Monitoring," Contemporary Accounting Research, John Wiley & Sons, vol. 37(4), pages 2145-2185, December.
  7. Sabrina Chi & Shawn X. Huang & Juan Manuel Sanchez, 2017. "CEO Inside Debt Incentives and Corporate Tax Sheltering," Journal of Accounting Research, Wiley Blackwell, vol. 55(4), pages 837-876, September.
  8. Freudenberg, Felix & Imbierowicz, Björn & Saunders, Anthony & Steffen, Sascha, 2017. "Covenant violations and dynamic loan contracting," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 540-565.
  9. Weiwei Wang & Kenneth Zheng, 2020. "Real earnings manipulation and future performance: A revisit using quarterly data of firms with debt covenants," Review of Financial Economics, John Wiley & Sons, vol. 38(1), pages 76-96, January.
  10. Scott D. Dyreng & Rahul Vashishtha & Joseph Weber, 2017. "Direct Evidence on the Informational Properties of Earnings in Loan Contracts," Journal of Accounting Research, Wiley Blackwell, vol. 55(2), pages 371-406, May.
  11. Pappas, Kostas & Walsh, Eamonn & Xu, Alice Liang, 2019. "Real earnings management and loan contract terms," The British Accounting Review, Elsevier, vol. 51(4), pages 373-401.
  12. Do, Viet & Truong, Cameron & Vu, Tram, 2022. "Options listings and loan contract terms: Information versus risk-shifting," Journal of Financial Markets, Elsevier, vol. 58(C).
  13. Yiwei Dou, 2020. "The Debt-Contracting Value of Accounting Numbers and Financial Covenant Renegotiation," Management Science, INFORMS, vol. 66(3), pages 1124-1148, March.
  14. Bushman, Robert & Gao, Janet & Martin, Xiumin & Pacelli, Joseph, 2021. "The influence of loan officers on loan contract design and performance," Journal of Accounting and Economics, Elsevier, vol. 71(2).
  15. Li, Xia & Gupta, Jairaj & Bu, Ziwen & Kannothra, Chacko George, 2023. "Effect of cash flow risk on corporate failures, and the moderating role of earnings management and abnormal compensation," International Review of Financial Analysis, Elsevier, vol. 89(C).
  16. Saiying Deng & Yutao Li, 2023. "Creditor control rights and borrower protection: the role of borrower consent clause in private debt contracts," Review of Quantitative Finance and Accounting, Springer, vol. 61(1), pages 357-394, July.
  17. Kanitsorn Terdpaopong & Robert C. Rickards & Penprapak Manapreechadeelert, 2020. "The 2011 floods’ impact on the Thai industrial estates’ financial stability: a ratio analysis with policy recommendations," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 22(3), pages 1991-2014, March.
  18. Lim, Jesslyn & Do, Viet & Vu, Tram, 2022. "The effect of lenders’ dual holding on loan contract design: Evidence from performance pricing provisions," Journal of Banking & Finance, Elsevier, vol. 137(C).
  19. Doshi, Hitesh & Patel, Saurin & Ramani, Srikanth & Sooy, Matthew, 2023. "Uncertain tone, asset volatility and credit default swap spreads," Journal of Contemporary Accounting and Economics, Elsevier, vol. 19(3).
  20. Michael R. Roberts & Michael Schwert, 2020. "Interest Rates and the Design of Financial Contracts," NBER Working Papers 27195, National Bureau of Economic Research, Inc.
  21. Shai Levi & Benjamin Segal & Dan Segal, 2021. "Does fiduciary duty to creditors reduce debt covenant violation avoidance behavior?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(5-6), pages 929-953, May.
  22. Theophilus Lartey & Albert Danso, 2022. "CEO overconfidence and debt covenant violations," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(1), pages 162-199, March.
  23. Lin, Luca Xianran, 2022. "Great Trees are Good for Shade: Creditor Monitoring Under Common Ownership," Finance Research Letters, Elsevier, vol. 44(C).
  24. Peter Demerjian & John Donovan & Melissa F. Lewis‐Western, 2020. "Income Smoothing and the Usefulness of Earnings for Monitoring in Debt Contracting," Contemporary Accounting Research, John Wiley & Sons, vol. 37(2), pages 857-884, June.
  25. Shan, Chenyu & Tang, Dragon Yongjun & Winton, Andrew, 2019. "Do banks still monitor when there is a market for credit protection?," Journal of Accounting and Economics, Elsevier, vol. 68(2).
  26. Han, Feng & Qin, Qi & Peabody, S. Drew, 2022. "Does incentive conflict between CEOs and CFOs benefit firms? Implications for corporate decision-making," Research in International Business and Finance, Elsevier, vol. 63(C).
  27. Manish Bansal, 2024. "Do shifting practices vary across the firm life cycle?," Australian Journal of Management, Australian School of Business, vol. 49(2), pages 142-169, May.
  28. Yun Fan & Wayne B. Thomas & Xiaoou Yu, 2019. "The Impact of Financial Covenants in Private Loan Contracts on Classification Shifting," Management Science, INFORMS, vol. 65(8), pages 3637-3653, August.
  29. Jens Hagendorff & Sonya Lim & Duc Duy Nguyen, 2023. "Lender Trust and Bank Loan Contracts," Management Science, INFORMS, vol. 69(3), pages 1758-1779, March.
  30. Nicholas Hallman & John S. Howe & Wei Wang, 2023. "Analyst coverage and syndicated lending," Review of Accounting Studies, Springer, vol. 28(3), pages 1531-1569, September.
  31. Christensen, Hans B. & Macciocchi, Daniele & Morris, Arthur & Nikolaev, Valeri V., 2022. "Financial shocks to lenders and the composition of financial covenants," Journal of Accounting and Economics, Elsevier, vol. 73(1).
  32. Chu, Yongqiang & Lin, Luca X. & Xiao, Zhanbing, 2024. "Agree to disagree: Lender equity holdings, within-syndicate conflicts, and covenant design," Journal of Financial Intermediation, Elsevier, vol. 57(C).
  33. Álvarez-Botas, Celia & González, Víctor M., 2021. "Does trust matter for the cost of bank loans?," Journal of Corporate Finance, Elsevier, vol. 66(C).
  34. Ma, Mark (Shuai) & Thomas, Wayne B., 2023. "Economic consequences of operating lease recognition," Journal of Accounting and Economics, Elsevier, vol. 75(2).
  35. Hao, Jie & Pham, Viet & Sánchez, Daniela & Sánchez, Juan Manuel, 2021. "Perceptions of corporate corruption culture and debt contracting," Journal of Corporate Finance, Elsevier, vol. 71(C).
  36. Lee, Edward & Pappas, Kostas & Xu, Alice Liang, 2020. "Foreign Lenders’ adoption of performance pricing provisions in syndicated loans," Journal of Banking & Finance, Elsevier, vol. 118(C).
  37. Xu Chong Bo & Wenyi Li & Jing Shi & Yi Zheng & Qing Zhou, 2021. "Relationship lending and bank loan covenant violations," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(4), pages 5847-5878, December.
  38. Shazia, Farhan, 2024. "Crime and covenants," International Review of Financial Analysis, Elsevier, vol. 94(C).
  39. Chen, Yangyang & Hasan, Iftekhar & Saffar, Walid & Zolotoy, Leon, 2021. "Executive Equity Risk-Taking Incentives and Firms’ Choice of Debt Structure," Journal of Banking & Finance, Elsevier, vol. 133(C).
  40. Duran, Miguel A., 2022. "The risk–return relation in the corporate loan market," The North American Journal of Economics and Finance, Elsevier, vol. 60(C).
  41. Kubick, Thomas R. & Lockhart, G. Brandon & Mauer, David C., 2023. "Judge ideology and debt contracting," Journal of Banking & Finance, Elsevier, vol. 152(C).
  42. Lim, Jesslyn & Do, Viet & Vu, Tram, 2020. "Co-opted directors, covenant intensity, and covenant violations," Journal of Corporate Finance, Elsevier, vol. 64(C).
  43. Po‐Chang Chen & William J. Moser & Gans Narayanamoorthy, 2023. "Are all types of real transaction management equal in the eyes of bank lenders?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(3-4), pages 680-715, March.
  44. Peter R. Demerjian, 2017. "Uncertainty and debt covenants," Review of Accounting Studies, Springer, vol. 22(3), pages 1156-1197, September.
  45. Colleen Honigsberg & Sharon P. Katz & Sunay Mutlu & Gil Sadka, 2021. "State contract law and the use of accounting information in debt contracts," Review of Accounting Studies, Springer, vol. 26(1), pages 124-171, March.
  46. Anne Beatty & Lin Cheng & Tzachi Zach, 2019. "Nonrecurring Items in Debt Contracts," Contemporary Accounting Research, John Wiley & Sons, vol. 36(1), pages 139-167, March.
  47. Judson Caskey & Kanyuan Huang & Daniel Saavedra, 2023. "Noncompliance with SEC regulations: evidence from timely loan disclosures," Review of Accounting Studies, Springer, vol. 28(1), pages 126-163, March.
  48. Rahaman, Mohammad M. & Rau, P. Raghavendra & Zaman, Ashraf Al, 2020. "The effect of supply chain power on bank financing," Journal of Banking & Finance, Elsevier, vol. 114(C).
  49. Amin, Abu & Bowler, Blake & Hasan, Mostafa Monzur & Lobo, Gerald J. & Tresl, Jiri, 2023. "Firm life cycle and cost of debt," Journal of Banking & Finance, Elsevier, vol. 154(C).
  50. Zhi Li & Lingling Wang & Karen Wruck, 2020. "Accounting‐Based Compensation and Debt Contracts," Contemporary Accounting Research, John Wiley & Sons, vol. 37(3), pages 1475-1511, September.
  51. Bansal, Manish & Kumar, Ashish & Bhattacharyya, Asit & Bashir, Hajam Abid, 2023. "Predictors of revenue shifting and expense shifting: Evidence from an emerging economy," Journal of Contemporary Accounting and Economics, Elsevier, vol. 19(1).
  52. Wayne R. Landsman & Chao Kevin Li & Jianxin Donny Zhao, 2023. "CDS Trading Initiation, Information Asymmetry, and Dividend Payout," Management Science, INFORMS, vol. 69(1), pages 684-701, January.
  53. Adam Bordeman & Peter Demerjian, 2022. "Do Borrowers Intentionally Avoid Covenant Violations? A Reexamination of the Debt Covenant Hypothesis," Journal of Accounting Research, Wiley Blackwell, vol. 60(5), pages 1741-1774, December.
  54. Ca Nguyen, 2022. "Does amortization matter? Evidence from the syndicated loan market," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(1), pages 92-123, March.
  55. Meles, Antonio & Salerno, Dario, 2020. "Abnormal operating performance in IPOs: Does public float matter?," International Review of Financial Analysis, Elsevier, vol. 71(C).
  56. Abu Amin & Blake Bowler & Mostafa Monzur Hasan & Gerald L. Lobo & Jiri Tresl, 2020. "Firm Life Cycle and Cost of Debt," CERGE-EI Working Papers wp665, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
  57. Peter R. Demerjian & John Donovan & Chad R. Larson, 2016. "Fair Value Accounting and Debt Contracting: Evidence from Adoption of SFAS 159," Journal of Accounting Research, Wiley Blackwell, vol. 54(4), pages 1041-1076, September.
  58. Zhiming Ma & Derrald Stice & Christopher Williams, 2022. "What's my style? Supply‐side determinants of debt covenant inclusion," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(3-4), pages 461-490, March.
  59. Intan Suryani Abu Bakar & Arifur Khan & Paul Mather & George Tanewski, 2020. "Board monitoring and covenant restrictiveness in private debt contracts during the global financial crisis," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(S1), pages 661-692, April.
  60. Filippo De Marco & Silvio Petriconi, 2019. "Bank Competition and Information Production," BAFFI CAREFIN Working Papers 19130, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
  61. Beyhaghi, Mehdi & Nguyen, Ca & Wald, John K., 2019. "Institutional investors and loan dynamics: Evidence from loan renegotiations," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 482-505.
  62. Chen, Jun & King, Tao-Hsien Dolly & Wen, Min-Ming, 2020. "Non-executive ownership and private loan pricing," Journal of Corporate Finance, Elsevier, vol. 64(C).
  63. Chatterjee, Chandrani & Shroff, Arpita A. & Sivaramakrishnan, K., 2022. "Debt contracting and the goodwill debate," Journal of Contemporary Accounting and Economics, Elsevier, vol. 18(2).
  64. Aytekin Ertan, 2022. "Real earnings management through syndicated lending," Review of Accounting Studies, Springer, vol. 27(4), pages 1157-1198, December.
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