메뉴 건너뛰기




Volumn 40, Issue 1-3, 2005, Pages 101-128

Performance pricing in bank debt contracts

Author keywords

Accounting choice; Agency theory; Contracting; Debt contracting; Positive accounting

Indexed keywords


EID: 27744579339     PISSN: 01654101     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jacceco.2004.09.005     Document Type: Article
Times cited : (249)

References (34)
  • 1
    • 0039798189 scopus 로고
    • Event risk, wealth redistribution, bond covenants, and the return to existing bondholders in corporate buyouts
    • P. Asquith T. Wizman Event risk, wealth redistribution, bond covenants, and the return to existing bondholders in corporate buyouts Journal of Financial Economics 27 1 1990 195-213
    • (1990) Journal of Financial Economics , vol.27 , Issue.1 , pp. 195-213
    • Asquith, P.1    Wizman, T.2
  • 4
    • 0037289077 scopus 로고    scopus 로고
    • The effects of debt contracting on voluntary accounting method changes
    • A. Beatty J. Weber The effects of debt contracting on voluntary accounting method changes The Accounting Review 78 1 2003 119-142
    • (2003) The Accounting Review , vol.78 , Issue.1 , pp. 119-142
    • Beatty, A.1    Weber, J.2
  • 5
    • 0036267587 scopus 로고    scopus 로고
    • The importance of accounting changes in debt contracts: The cost of flexibility in covenant calculations
    • A. Beatty K. Ramesh J. Weber The importance of accounting changes in debt contracts: The cost of flexibility in covenant calculations Journal of Accounting and Economics 33 2002 205-227
    • (2002) Journal of Accounting and Economics , vol.33 , pp. 205-227
    • Beatty, A.1    Ramesh, K.2    Weber, J.3
  • 6
    • 18944393774 scopus 로고    scopus 로고
    • The changing role of accounting numbers in public lending agreements
    • J. Begley R. Freedman The changing role of accounting numbers in public lending agreements Accounting Horizons 18 2 2004 81-97
    • (2004) Accounting Horizons , vol.18 , Issue.2 , pp. 81-97
    • Begley, J.1    Freedman, R.2
  • 7
    • 21144476534 scopus 로고
    • Costs of technical violation of accounting-based debt covenants
    • M. Beneish E. Press Costs of technical violation of accounting-based debt covenants The Accounting Review 68 1993 233-257
    • (1993) The Accounting Review , vol.68 , pp. 233-257
    • Beneish, M.1    Press, E.2
  • 9
    • 0001732022 scopus 로고
    • Contract costs, bank loans, and the cross-monitoring hypothesis
    • J.R. Booth Contract costs, bank loans, and the cross-monitoring hypothesis Journal of Financial Economics 1992 25-42
    • (1992) Journal of Financial Economics , pp. 25-42
    • Booth, J.R.1
  • 10
    • 0041682402 scopus 로고    scopus 로고
    • How do firms choose their lenders? M an empirical analysis
    • M. Cantillo J. Wright How do firms choose their lenders? M an empirical analysis The Review of Financial Studies 3 1 2000 155-189
    • (2000) The Review of Financial Studies , vol.3 , Issue.1 , pp. 155-189
    • Cantillo, M.1    Wright, J.2
  • 11
    • 0040844810 scopus 로고    scopus 로고
    • Does corporate lending by banks and finance companies differ? Evidence on specialization in private debt contracting
    • M. Carey M. Post S.A. Sharpe Does corporate lending by banks and finance companies differ? Evidence on specialization in private debt contracting Journal of Finance 53 1998 845-878
    • (1998) Journal of Finance , vol.53 , pp. 845-878
    • Carey, M.1    Post, M.2    Sharpe, S.A.3
  • 12
    • 0001430385 scopus 로고    scopus 로고
    • Pricing credit sensitive debt when interest rates, credit ratings and credit spreads are stochastic
    • S. Das P. Tufano Pricing credit sensitive debt when interest rates, credit ratings and credit spreads are stochastic Journal of Financial Engineering 5 1996 161-198
    • (1996) Journal of Financial Engineering , vol.5 , pp. 161-198
    • Das, S.1    Tufano, P.2
  • 14
  • 15
    • 0036026432 scopus 로고    scopus 로고
    • Large sample tests of the debt covenant hypothesis
    • I. Dichev D.J. Skinner Large sample tests of the debt covenant hypothesis Journal of Accounting Research 40 2002 1091-1123
    • (2002) Journal of Accounting Research , vol.40 , pp. 1091-1123
    • Dichev, I.1    Skinner, D.J.2
  • 16
    • 27744567417 scopus 로고    scopus 로고
    • Credit risk measurement and pricing in performance pricing-based debt contracts
    • Working Paper. University of Utah
    • Doyle, J., 2003. Credit risk measurement and pricing in performance pricing-based debt contracts. Working Paper. University of Utah.
    • (2003)
    • Doyle, J.1
  • 17
    • 0003409223 scopus 로고    scopus 로고
    • Bank risk rating of business loans
    • Working paper, Federal Reserve Board of Governors
    • English, W.B., Nelsen, W.R., 1999. Bank risk rating of business loans. Working paper, Federal Reserve Board of Governors.
    • (1999)
    • English, W.B.1    Nelsen, W.R.2
  • 18
    • 84944835242 scopus 로고
    • Asymmetric information and risk debt maturity choice
    • M. Flannery Asymmetric information and risk debt maturity choice Journal of Finance 1986 19-38
    • (1986) Journal of Finance , pp. 19-38
    • Flannery, M.1
  • 19
  • 20
    • 0039470461 scopus 로고    scopus 로고
    • The determinants of the maturity of corporate debt issues
    • J. Geudes T. Opler The determinants of the maturity of corporate debt issues Journal of Finance 1996 1809-1833
    • (1996) Journal of Finance , pp. 1809-1833
    • Geudes, J.1    Opler, T.2
  • 22
    • 0001766028 scopus 로고
    • The common structure of statistical models of truncation, sample selection, and limited dependent variables and a simple estimator for such models
    • J. Heckman The common structure of statistical models of truncation, sample selection, and limited dependent variables and a simple estimator for such models Annals of Economic and Social Measurement 1976 475-492
    • (1976) Annals of Economic and Social Measurement , pp. 475-492
    • Heckman, J.1
  • 23
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • M.C. Jensen W. Meckling Theory of the firm: Managerial behavior, agency costs and ownership structure Journal of Financial Economics 1976 305-360
    • (1976) Journal of Financial Economics , pp. 305-360
    • Jensen, M.C.1    Meckling, W.2
  • 25
    • 0003726144 scopus 로고    scopus 로고
    • Moody's rating migration and credit quality correlation, 1920-1996
    • Moody's Whitepaper 25097
    • Moody's, 1997. Moody's rating migration and credit quality correlation, 1920-1996. Whitepaper 25097.
    • (1997)
  • 26
    • 0039488602 scopus 로고    scopus 로고
    • Rating banks: Risk and uncertainty in an opaque industry
    • D.P. Morgan Rating banks: Risk and uncertainty in an opaque industry The American Economic Review 92 2002 874-888
    • (2002) The American Economic Review , vol.92 , pp. 874-888
    • Morgan, D.P.1
  • 27
    • 0012534546 scopus 로고    scopus 로고
    • Private Information, Agency Problems and Determination of Loan Syndications: Evidence from 1987 to 1999
    • York University working paper
    • Panyagometh, K., Roberts, G.S., 2002. Private Information, Agency Problems and Determination of Loan Syndications: Evidence from 1987 to 1999. York University working paper.
    • (2002)
    • Panyagometh, K.1    Roberts, G.S.2
  • 28
    • 84993869749 scopus 로고
    • Covenants and collateral as incentives to monitor
    • R. Rajan A. Winton Covenants and collateral as incentives to monitor The Journal of Finance 1995 1113-1146
    • (1995) The Journal of Finance , pp. 1113-1146
    • Rajan, R.1    Winton, A.2
  • 29
    • 49249143360 scopus 로고
    • On financial contracting: An analysis of bond covenants
    • C. Smith J. Warner On financial contracting: An analysis of bond covenants Journal of Financial Economics 7 1979 117-161
    • (1979) Journal of Financial Economics , vol.7 , pp. 117-161
    • Smith, C.1    Warner, J.2
  • 30
    • 0038021390 scopus 로고    scopus 로고
    • Putting EBITDA in Perspective. Ten Critical Failings of EBITDA as the Principal Determinant of Cash Flow
    • Moody's Investors Service. Global Credit Research. Special Comment
    • Stumpp, P., 2000. Putting EBITDA in Perspective. Ten Critical Failings of EBITDA as the Principal Determinant of Cash Flow. Moody's Investors Service. Global Credit Research. Special Comment.
    • (2000)
    • Stumpp, P.1
  • 31
    • 38149148207 scopus 로고
    • Debt covenant violations and manager's accounting responses
    • A. Sweeney Debt covenant violations and manager's accounting responses Journal of Accounting and Economics 17 1994 281-308
    • (1994) Journal of Accounting and Economics , vol.17 , pp. 281-308
    • Sweeney, A.1
  • 32
    • 84977722318 scopus 로고
    • Interest rate swaps and corporate financing choices
    • Titman, S., 1992. Interest rate swaps and corporate financing choices. Journal of Finance, 1503-1516.
    • (1992) Journal of Finance , pp. 1503-1516
    • Titman, S.1
  • 34
    • 0000047027 scopus 로고
    • Positive accounting theory: A ten year perspective
    • R.L. Watts J.L. Zimmerman Positive accounting theory: A ten year perspective The Accounting Review 1990 131-156
    • (1990) The Accounting Review , pp. 131-156
    • Watts, R.L.1    Zimmerman, J.L.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.