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Design and Renegotiation of Debt Covenants

Citations

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Cited by:

  1. Sandrine Docgne, 2022. "Bond covenants and investment policy," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(3), pages 551-578, September.
  2. Bannier, Christina E. & Wiemann, Markus, 2014. "Performance-sensitive debt: The intertwined effects of performance measurement and pricing grid asymmetry," CFS Working Paper Series 476, Center for Financial Studies (CFS).
  3. Devos, Erik & Rahman, Shofiqur & Tsang, Desmond, 2017. "Debt covenants and the speed of capital structure adjustment," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 1-18.
  4. Robert Rich & Joseph Tracy, 2013. "Early Contract Renegotiation: An Analysis of US Labor Contracts, 1970-1995," Journal of Labor Economics, University of Chicago Press, vol. 31(4), pages 825-842.
  5. Hans B. Christensen & Valeri V. Nikolaev & Regina Wittenberg‐Moerman, 2016. "Accounting Information in Financial Contracting: The Incomplete Contract Theory Perspective," Journal of Accounting Research, Wiley Blackwell, vol. 54(2), pages 397-435, May.
  6. 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).
  7. Roberts, Michael R. & Sufi, Amir, 2009. "Renegotiation of financial contracts: Evidence from private credit agreements," Journal of Financial Economics, Elsevier, vol. 93(2), pages 159-184, August.
  8. Engert, Andreas & Hornuf, Lars, 2018. "Market standards in financial contracting: The Euro’s effect on debt securities," Journal of International Money and Finance, Elsevier, vol. 85(C), pages 145-162.
  9. Mingzhi Liu & Michel Magnan, 2016. "Conditional conservatism and the yield spread of corporate bond issues," Review of Quantitative Finance and Accounting, Springer, vol. 46(4), pages 847-879, May.
  10. Carey, Mark & Gordy, Michael B., 2021. "The bank as Grim Reaper: Debt composition and bankruptcy thresholds," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1092-1108.
  11. Christophe GODLEWSKI, 2018. "The effects of bank loan renegotiation on corporate policies and performance," Working Papers of LaRGE Research Center 2018-01, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
  12. Valeri V. Nikolaev, 2010. "Debt Covenants and Accounting Conservatism," Journal of Accounting Research, Wiley Blackwell, vol. 48(1), pages 137-176, March.
  13. Godlewski, Christophe J., 2020. "How legal and institutional environments shape the private debt renegotiation process?," Journal of Corporate Finance, Elsevier, vol. 62(C).
  14. Christophe J. Godlewski, 2019. "Debt Renegotiation and the Design of Financial Contracts," Journal of Financial Services Research, Springer;Western Finance Association, vol. 55(2), pages 191-215, June.
  15. Michael R. Roberts, 2014. "The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting," NBER Working Papers 20484, National Bureau of Economic Research, Inc.
  16. Armstrong, Christopher S. & Guay, Wayne R. & Weber, Joseph P., 2010. "The role of information and financial reporting in corporate governance and debt contracting," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 179-234, December.
  17. LiuLing Liu, 2015. "Analyst coverage, syndicate structure, and loan contracts," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 5(1), pages 1-21, June.
  18. Flavio Bazzana & Marco Palmieri, 2012. "How to increase the efficiency of bond covenants: a proposal for the Italian corporate market," European Journal of Law and Economics, Springer, vol. 34(2), pages 327-346, October.
  19. repec:hal:spmain:info:hdl:2441/293qice3lj861rvos9ns14n0h0 is not listed on IDEAS
  20. Chy, Mahfuz & Kyung, Hoyoun, 2023. "The effect of bond market transparency on bank loan contracting," Journal of Accounting and Economics, Elsevier, vol. 75(2).
  21. Daniel Ferreira & Miguel A. Ferreira & Beatriz Mariano, 2018. "Creditor Control Rights and Board Independence," Journal of Finance, American Finance Association, vol. 73(5), pages 2385-2423, October.
  22. Roberts, Michael R., 2015. "The role of dynamic renegotiation and asymmetric information in financial contracting," Journal of Financial Economics, Elsevier, vol. 116(1), pages 61-81.
  23. Silaghi, Florina & Martín-Oliver, Alfredo & Sewaid, Ahmed, 2022. "The CDS market reaction to loan renegotiation announcements," Journal of Banking & Finance, Elsevier, vol. 138(C).
  24. Ilan Guttman & Iván Marinovic, 2018. "Debt contracts in the presence of performance manipulation," Review of Accounting Studies, Springer, vol. 23(3), pages 1005-1041, September.
  25. Chodorow-Reich, Gabriel & Darmouni, Olivier & Luck, Stephan & Plosser, Matthew, 2022. "Bank liquidity provision across the firm size distribution," Journal of Financial Economics, Elsevier, vol. 144(3), pages 908-932.
  26. Christophe J. GODLEWSKI, 2017. "Initial conditions and the private debt renegotiation process," Working Papers of LaRGE Research Center 2017-03, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
  27. Hans B. Christensen & Valeri V. Nikolaev, 2012. "Capital Versus Performance Covenants in Debt Contracts," Journal of Accounting Research, Wiley Blackwell, vol. 50(1), pages 75-116, March.
  28. Christophe J. GODLEWSKI, 2013. "Does renegotiation of financial contracts matter for shareholders? Empirical evidence from Europe," Working Papers of LaRGE Research Center 2013-03, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
  29. Pascale Crama & Bert De Reyck & Niyazi Taneri, 2017. "Licensing Contracts: Control Rights, Options, and Timing," Management Science, INFORMS, vol. 63(4), pages 1131-1149, April.
  30. Godlewski, Christophe J., 2015. "The certification value of private debt renegotiation and the design of financial contracts: Empirical evidence from Europe," Journal of Banking & Finance, Elsevier, vol. 53(C), pages 1-17.
  31. Antonio Mello & Erwan Quintin, 2021. "A Backup Quarterback View of Mezzanine Finance," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(S2), pages 526-556, September.
  32. Kiyoung Chang & Ying Li & Ha‐Chin Yi, 2021. "Informed equity ownership and bank loan contracting," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(7-8), pages 1368-1403, July.
  33. Gabriel Chodorow‐Reich & Antonio Falato, 2022. "The Loan Covenant Channel: How Bank Health Transmits to the Real Economy," Journal of Finance, American Finance Association, vol. 77(1), pages 85-128, February.
  34. Rhodes, Adrienne, 2016. "The relation between earnings-based measures in firm debt contracts and CEO pay sensitivity to earnings," Journal of Accounting and Economics, Elsevier, vol. 61(1), pages 1-22.
  35. 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.
  36. Vu Tuan Chu & Trang Hanh Lam Pham, 2021. "Zero leverage and product market competition," SN Business & Economics, Springer, vol. 1(4), pages 1-18, April.
  37. Donaldson, Jason Roderick & Gromb, Denis & Piacentino, Giorgia, 2020. "The paradox of pledgeability," Journal of Financial Economics, Elsevier, vol. 137(3), pages 591-605.
  38. Marc Arnold & Ramona Westermann, 2023. "Debt Renegotiations Outside Distress," Review of Finance, European Finance Association, vol. 27(4), pages 1183-1228.
  39. Ivanov, Ivan T. & Santos, João A.C. & Vo, Thu, 2016. "The transformation of banking: Tying loan interest rates to borrowers' CDS spreads," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 150-165.
  40. Godlewski, Christophe J., 2015. "The dynamics of bank debt renegotiation in Europe: A survival analysis approach," Economic Modelling, Elsevier, vol. 49(C), pages 19-31.
  41. Alexander Lahmann & Maximilian Schreiter & Bernhard Schwetzler, 2018. "Der Einfluss von Insolvenz, Kapitalstruktur und Fremdkapitalfälligkeit auf den Unternehmenswert [The Impact of Default Risk, Capital Structure, and Debt Maturity on Firm Value]," Schmalenbach Journal of Business Research, Springer, vol. 70(1), pages 73-123, March.
  42. Jason Donaldson & Denis Gromb & Giorgia Piacentino, 2019. "Conflicting Priorities: A Theory of Covenants and Collateral," 2019 Meeting Papers 157, Society for Economic Dynamics.
  43. Yiwei Dou, 2020. "The Debt-Contracting Value of Accounting Numbers and Financial Covenant Renegotiation," Management Science, INFORMS, vol. 66(3), pages 1124-1148, March.
  44. 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).
  45. Lin, Luca Xianran, 2022. "Great Trees are Good for Shade: Creditor Monitoring Under Common Ownership," Finance Research Letters, Elsevier, vol. 44(C).
  46. Hollander, Stephan & Verriest, Arnt, 2016. "Bridging the gap: the design of bank loan contracts and distance," Journal of Financial Economics, Elsevier, vol. 119(2), pages 399-419.
  47. Thomas Drechsel, 2023. "Earnings-Based Borrowing Constraints and Macroeconomic Fluctuations," American Economic Journal: Macroeconomics, American Economic Association, vol. 15(2), pages 1-34, April.
  48. Gregory F Udell, 2015. "SME Access to Intermediated Credit: What Do We Know and What Don't We Know?," RBA Annual Conference Volume (Discontinued), in: Angus Moore & John Simon (ed.),Small Business Conditions and Finance, Reserve Bank of Australia.
  49. Macias, Antonio J. & Moeller, Thomas, 2016. "Target signaling with material adverse change clauses in merger agreements," Journal of Empirical Finance, Elsevier, vol. 39(PA), pages 69-92.
  50. Robert W. Rich & Joseph Tracy, 2011. "Early contract renegotiation: An analysis of U.S. labor contracts from 1970 to 1995," Staff Reports 521, Federal Reserve Bank of New York.
  51. Mitchell Berlin & Gregory P. Nini & Edison Yu, 2017. "Concentration of Control Rights in Leveraged Loan Syndicates," Working Papers 17-22, Federal Reserve Bank of Philadelphia.
  52. Marcello Pagnini & Paola Rossi & Valerio Vacca & Iftekhar Hasan & Liuling Liu & Haizhi Wang & Xinting Zhen, 2017. "Bank Market Power and Loan Contracts: Empirical Evidence," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 46(3), pages 649-676, November.
  53. Chen, Shenglan & Chou, Robin K. & Liu, Xiaoling & Wu, Yuhui, 2020. "Deregulation of short-selling constraints and cost of bank loans: Evidence from a quasi-natural experiment," Pacific-Basin Finance Journal, Elsevier, vol. 64(C).
  54. Luca Benzoni & Lorenzo Garlappi & Robert Goldstein, 2023. "Incomplete Information, Debt Issuance, and the Term Structure of Credit Spreads," Management Science, INFORMS, vol. 69(7), pages 4331-4352, July.
  55. Wang, Jing, 2017. "Debt covenant design and creditor control rights: Evidence from the tightest covenant," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 331-352.
  56. Andreas Engert & Lars Hornuf, 2013. "Market Standards in Public Sector Debt Contracting," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 11(3), pages 16-20, October.
  57. Hines, James R. & Park, Jongsang, 2019. "Investment ramifications of distortionary tax subsidies," Journal of Public Economics, Elsevier, vol. 172(C), pages 36-51.
  58. 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).
  59. Moraux, Franck & Silaghi, Florina, 2014. "Inside debt renegotiation: Optimal debt reduction, timing, and the number of rounds," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 269-295.
  60. repec:spo:wpmain:info:hdl:2441/293qice3lj861rvos9ns14n0h0 is not listed on IDEAS
  61. Yun Lou & Clemens A. Otto, 2020. "Debt Heterogeneity and Covenants," Management Science, INFORMS, vol. 66(1), pages 70-92, January.
  62. 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.
  63. Gustafson, Matthew T. & Ivanov, Ivan T. & Meisenzahl, Ralf R., 2021. "Bank monitoring: Evidence from syndicated loans," Journal of Financial Economics, Elsevier, vol. 139(2), pages 452-477.
  64. Nishant Dass & Vikram Nanda & Qinghai Wang, 2020. "Within‐syndicate conflicts, loan covenants, and syndicate formation," Financial Management, Financial Management Association International, vol. 49(2), pages 547-583, June.
  65. Meradj Morteza Pouraghdam, 2016. "Three essays on the role of frictions in the economy [Trois essais sur le rôle du désaccord en économie]," SciencePo Working papers tel-03498781, HAL.
  66. Christophe J. GODLEWSKI, 2014. "What drives the dynamics of bank debt renegotiation in Europe? A survival analysis approach," Working Papers of LaRGE Research Center 2014-01, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
  67. repec:ces:ifodic:v:11:y:2013:i:3:p:19097382 is not listed on IDEAS
  68. Godlewski, Christophe J., 2014. "The determinants of multiple bank loan renegotiations in Europe," International Review of Financial Analysis, Elsevier, vol. 34(C), pages 275-286.
  69. Ningzhong Li, 2016. "Performance Measures in Earnings‐Based Financial Covenants in Debt Contracts," Journal of Accounting Research, Wiley Blackwell, vol. 54(4), pages 1149-1186, September.
  70. Elisabetta Iossa & Giancarlo Spagnolo, 2008. "Contracts as Threats: on a Rationale For Rewarding A while Hoping For B," EIEF Working Papers Series 1022, Einaudi Institute for Economics and Finance (EIEF), revised Dec 2010.
  71. 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).
  72. Meradj Morteza Pouraghdam, 2016. "Three essays on the role of frictions in the economy [Trois essais sur le rôle du désaccord en économie]," SciencePo Working papers Main tel-03498781, HAL.
  73. 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).
  74. Prilmeier, Robert, 2017. "Why do loans contain covenants? Evidence from lending relationships," Journal of Financial Economics, Elsevier, vol. 123(3), pages 558-579.
  75. Redouane Elkamhi & Latchezar Popov & Raunaq S. Pungaliya, 2023. "Financial maintenance covenants in bank loans," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 76(4), pages 1197-1255, November.
  76. Lim, Jesslyn & Do, Viet & Vu, Tram, 2020. "Co-opted directors, covenant intensity, and covenant violations," Journal of Corporate Finance, Elsevier, vol. 64(C).
  77. Kang, Di & Zhuang, Zhuang, 2019. "Should companies care who their lender is? Evidence from loan covenants," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
  78. 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.
  79. Umar Butt, 2019. "Debt covenant violation, competition and cost of new debt," Australian Journal of Management, Australian School of Business, vol. 44(2), pages 163-187, May.
  80. Isin, Adnan Anil, 2018. "Tax avoidance and cost of debt: The case for loan-specific risk mitigation and public debt financing," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 344-378.
  81. Alexander David & Alfred Lehar, 2019. "Imperfect Renegotiations in Interbank Financial Networks," Management Science, INFORMS, vol. 67(5), pages 2342-2359, May.
  82. Hornuf, Lars & Engert, Andreas, 2013. "Can Network Effects Impede Optimal Contracting in Debt Securities?," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79867, Verein für Socialpolitik / German Economic Association.
  83. 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).
  84. Das, Sanjiv R. & Kim, Seoyoung, 2015. "Credit spreads with dynamic debt," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 121-140.
  85. Ivan T. Ivanov & João A. C. Santos & Thu Vo, 2014. "Tying loan interest rates to borrowers' CDS spreads," Finance and Economics Discussion Series 2014-70, Board of Governors of the Federal Reserve System (U.S.).
  86. Billett, Matthew T. & Esmer, Burcu & Yu, Miaomiao, 2018. "Creditor control and product-market competition," Journal of Banking & Finance, Elsevier, vol. 86(C), pages 87-100.
  87. Miguel Faria-e-Castro & Radhakrishnan Gopalan & Avantika Pal & Juan M. Sanchez & Vijay Yerramilli, 2022. "EBITDA Add-backs in Debt Contracting: A Step Too Far?," Working Papers 2022-029, Federal Reserve Bank of St. Louis.
  88. Bulan, Laarni & Hull, Tyler, 2013. "The impact of technical defaults on dividend policy," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 814-823.
  89. Jing LI, 2013. "Accounting Conservatism and Debt Contracts: Efficient Liquidation and Covenant Renegotiation," Contemporary Accounting Research, John Wiley & Sons, vol. 30(3), pages 1082-1098, September.
  90. Amiraslani, Hami & Donovan, John & Phillips, Matthew A. & Wittenberg-Moerman, Regina, 2023. "Contracting in the Dark: The rise of public-side lenders in the syndicated loan market," Journal of Accounting and Economics, Elsevier, vol. 76(1).
  91. Jakob Infuehr & Volker Laux, 2022. "Managerial Optimism and Debt Covenants," Journal of Accounting Research, Wiley Blackwell, vol. 60(1), pages 353-371, March.
  92. Christophe J. GODLEWSKI & Bulat SANDITOV, 2020. "Private debt renegotiation and financial institutions' network," Working Papers of LaRGE Research Center 2020-01, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
  93. Berlin, Mitchell & Nini, Greg & Yu, Edison G., 2020. "Concentration of control rights in leveraged loan syndicates," Journal of Financial Economics, Elsevier, vol. 137(1), pages 249-271.
  94. Zhou, Bo & Zhang, Cheng, 2023. "When green finance meets banking competition: Evidence from hard-to-abate enterprises of China," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
  95. Andreas Engert & Lars Hornuf, 2013. "Market Standards in Public Sector Debt Contracting," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 11(03), pages 16-20, October.
  96. Beatriz Mariano & Josep Tribó Giné, 2015. "Creditor Intervention, Investment, and Growth Opportunities," Journal of Financial Services Research, Springer;Western Finance Association, vol. 47(2), pages 203-228, April.
  97. Kirak Kim & Trang Nguyen, 2024. "Debt Contracting When Borrowers Face Transitory Uncertainty: Evidence from U.S. Gubernatorial Elections," Management Science, INFORMS, vol. 70(7), pages 4670-4692, July.
  98. Arnold, Marc & Westermann, Ramona, 2015. "The Value of Creditor Governance: Debt Renegotiations In and Outside Distress," Working Papers on Finance 1514, University of St. Gallen, School of Finance, revised Jul 2016.
  99. Denis, David J. & Wang, Jing, 2014. "Debt covenant renegotiations and creditor control rights," Journal of Financial Economics, Elsevier, vol. 113(3), pages 348-367.
  100. Peter R. Demerjian, 2017. "Uncertainty and debt covenants," Review of Accounting Studies, Springer, vol. 22(3), pages 1156-1197, September.
  101. Anh Ngo & Hong Duong & Anthony Chen, 2016. "The Effects of Covenant Violations on the Underpricing of Seasoned Equity Offerings and the Implied Cost of Equity Capital," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 6(01), pages 1-33, March.
  102. Ruhnke, Carsten S., 2022. "Implications of the Creditors' Influence on Corporate Decisions," Junior Management Science (JUMS), Junior Management Science e. V., vol. 7(1), pages 150-184.
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