메뉴 건너뛰기




Volumn 50, Issue 1, 2012, Pages 75-116

Capital versus performance covenants in debt contracts

Author keywords

[No Author keywords available]

Indexed keywords


EID: 84855877218     PISSN: 00218456     EISSN: 1475679X     Source Type: Journal    
DOI: 10.1111/j.1475-679X.2011.00432.x     Document Type: Article
Times cited : (275)

References (63)
  • 1
    • 84963057501 scopus 로고
    • An Incomplete Contracts Approach to Financial Contracting
    • Aghion, P., and P. Bolton. An Incomplete Contracts Approach to Financial Contracting. The Review of Economic Studies 59 (1992): 473-94.
    • (1992) The Review of Economic Studies , vol.59 , pp. 473-494
    • Aghion, P.1    Bolton, P.2
  • 4
    • 40749162781 scopus 로고    scopus 로고
    • The Debt-Contracting Value of Accounting Information and Loan Syndicate Structure
    • Ball, R.; R. M. Bushman; and F. P. Vasvari. The Debt-Contracting Value of Accounting Information and Loan Syndicate Structure. Journal of Accounting Research 46 (2008): 247-87.
    • (2008) Journal of Accounting Research , vol.46 , pp. 247-287
    • Ball, R.1    Bushman, R.M.2    Vasvari, F.P.3
  • 5
    • 13844254179 scopus 로고    scopus 로고
    • Earnings Quality in UK Private Firms: Comparative Loss Recognition Timeliness
    • Ball, R., and L. Shivakumar. Earnings Quality in UK Private Firms: Comparative Loss Recognition Timeliness. Journal of Accounting and Economics 39 (2005): 83-128.
    • (2005) Journal of Accounting and Economics , vol.39 , pp. 83-128
    • Ball, R.1    Shivakumar, L.2
  • 6
    • 0031498138 scopus 로고    scopus 로고
    • The Conservatism Principle and the Asymmetric Timeliness of Earnings
    • Basu, S. The Conservatism Principle and the Asymmetric Timeliness of Earnings. Journal of Accounting and Economics 24 (1997): 3-37.
    • (1997) Journal of Accounting and Economics , vol.24 , pp. 3-37
    • Basu, S.1
  • 7
    • 21144476534 scopus 로고
    • Costs of Technical Violation of Accounting-Based Debt Covenants
    • Beneish, M. D., and E. Press. Costs of Technical Violation of Accounting-Based Debt Covenants. Accounting Review 68 (1993): 233-57.
    • (1993) Accounting Review , vol.68 , pp. 233-257
    • Beneish, M.D.1    Press, E.2
  • 10
    • 33947213882 scopus 로고    scopus 로고
    • Growth Opportunities and the Choice of Leverage, Debt Maturity, and Covenants
    • Billett, M. T.; T.-H. D. King; and D. C. Mauer. Growth Opportunities and the Choice of Leverage, Debt Maturity, and Covenants. The Journal of Finance 62 (2007): 697-730.
    • (2007) The Journal of Finance , vol.62 , pp. 697-730
    • Billett, M.T.1    King, T.-H.D.2    Mauer, D.C.3
  • 11
    • 84855871558 scopus 로고    scopus 로고
    • The Structure and Pricing of Corporate Debt Covenants
    • Bradley, M., and M. R. Roberts. The Structure and Pricing of Corporate Debt Covenants. SSRN eLibrary (2004).
    • (2004) SSRN eLibrary
    • Bradley, M.1    Roberts, M.R.2
  • 13
    • 51749102179 scopus 로고    scopus 로고
    • How Does Financing Impact Investment? The Role of Debt Covenants
    • Chava, S., and M. R. Roberts. How Does Financing Impact Investment? The Role of Debt Covenants. The Journal of Finance 63 (2008): 2085-121.
    • (2008) The Journal of Finance , vol.63 , pp. 2085-2121
    • Chava, S.1    Roberts, M.R.2
  • 14
    • 21144466889 scopus 로고
    • Creditors' Decisions to Waive Violations of Accounting-Based Debt Covenants
    • Chen, K. C. W., and J. Wei. Creditors' Decisions to Waive Violations of Accounting-Based Debt Covenants. The Accounting Review 68 (1993): 218-32.
    • (1993) The Accounting Review , vol.68 , pp. 218-232
    • Chen, K.C.W.1    Wei, J.2
  • 15
    • 84855886533 scopus 로고    scopus 로고
    • Loan Ownership Dispersion and Control over Mandatory GAAP Changes." Chicago Booth Working paper
    • Christensen, H. B., and V. Nikolaev. Loan Ownership Dispersion and Control over Mandatory GAAP Changes." Chicago Booth Working paper, 2011.
    • (2011)
    • Christensen, H.B.1    Nikolaev, V.2
  • 16
    • 0009093975 scopus 로고    scopus 로고
    • The Relationship Between Firm Investment and Financial Status
    • Cleary, S. The Relationship Between Firm Investment and Financial Status. The Journal of Finance 54 (1999): 673-92.
    • (1999) The Journal of Finance , vol.54 , pp. 673-692
    • Cleary, S.1
  • 17
    • 78751628895 scopus 로고    scopus 로고
    • The Impact of Financial Reporting Quality on Debt Contracting: Evidence from Internal Control Weakness Reports
    • Costello, A. M., and R. Wittenberg-Moerman. The Impact of Financial Reporting Quality on Debt Contracting: Evidence from Internal Control Weakness Reports. Journal of Accounting Research 49 (2011): 97-136.
    • (2011) Journal of Accounting Research , vol.49 , pp. 97-136
    • Costello, A.M.1    Wittenberg-Moerman, R.2
  • 19
    • 84855899496 scopus 로고    scopus 로고
    • "Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences
    • Dechow, P. M.; W. Ge; and C. M. Schrand. "Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences. SSRN eLibrary (2009).
    • (2009) SSRN eLibrary
    • Dechow, P.M.1    Ge, W.2    Schrand, C.M.3
  • 20
    • 84855873220 scopus 로고    scopus 로고
    • Financial Covenants and Credit Risk, and the Resolution of Uncertainly." Emory University Working paper
    • Demerjian, P. Financial Covenants and Credit Risk, and the Resolution of Uncertainly." Emory University Working paper, 2010.
    • (2010)
    • Demerjian, P.1
  • 21
    • 83355166834 scopus 로고    scopus 로고
    • Accounting Standards and Debt Covenants: Has the "Balance Sheet Approach" Damaged the Balance Sheet?
    • Forthcoming
    • Demerjian, P. Accounting Standards and Debt Covenants: Has the "Balance Sheet Approach" Damaged the Balance Sheet? Journal of Accounting and Economic (2011): Forthcoming.
    • (2011) Journal of Accounting and Economic
    • Demerjian, P.1
  • 22
    • 77956906931 scopus 로고    scopus 로고
    • The Information Content of Bank Loan Covenants
    • Demiroglu, C., and C. M. James. The Information Content of Bank Loan Covenants. Review of Financial Studies 23 (2010): 3700-37.
    • (2010) Review of Financial Studies , vol.23 , pp. 3700-3737
    • Demiroglu, C.1    James, C.M.2
  • 23
    • 84855871560 scopus 로고    scopus 로고
    • The Role and Characteristics of Accounting-Based Performance Pricing in Private Debt Contracts
    • Dichev, I. D.; A. L. Beatty; and J. P. Weber. The Role and Characteristics of Accounting-Based Performance Pricing in Private Debt Contracts. SSRN eLibrary (2002).
    • (2002) SSRN eLibrary
    • Dichev, I.D.1    Beatty, A.L.2    Weber, J.P.3
  • 24
    • 0036026432 scopus 로고    scopus 로고
    • Large Sample Evidence on the Debt Covenant Hypothesis
    • Dichev, I. D., and D. J. Skinner. Large Sample Evidence on the Debt Covenant Hypothesis. Journal of Accounting Research 40 (2002): 1091-123.
    • (2002) Journal of Accounting Research , vol.40 , pp. 1091-1123
    • Dichev, I.D.1    Skinner, D.J.2
  • 26
    • 84855886538 scopus 로고    scopus 로고
    • Federal Reserve Board (FED). "Senior Loan Officer Opinion Survey on Bank Lending Practices." This document is available on the Federal Reserve Board's web site
    • Federal Reserve Board (FED). "Senior Loan Officer Opinion Survey on Bank Lending Practices." This document is available on the Federal Reserve Board's web site (2011).
    • (2011)
  • 27
    • 37849041831 scopus 로고    scopus 로고
    • Financial Accounting Characteristics and Debt Covenants
    • Frankel, R. M., and L. P. Litov. Financial Accounting Characteristics and Debt Covenants. SSRN eLibrary (2007).
    • (2007) SSRN eLibrary
    • Frankel, R.M.1    Litov, L.P.2
  • 28
    • 37849050913 scopus 로고    scopus 로고
    • GAAP Goodwill and Debt Contracting Efficiency: Evidence from Net-Worth Covenants
    • Frankel, R. M.; C. Seethamraju; and T. Zach. GAAP Goodwill and Debt Contracting Efficiency: Evidence from Net-Worth Covenants. Review of Accounting Studies 13 (2008): 87-118.
    • (2008) Review of Accounting Studies , vol.13 , pp. 87-118
    • Frankel, R.M.1    Seethamraju, C.2    Zach, T.3
  • 29
    • 59449101607 scopus 로고    scopus 로고
    • Design and Renegotiation of Debt Covenants
    • Garleanu, N., and J. Zwiebel. Design and Renegotiation of Debt Covenants. Review of Financial Studies 22 (2009): 749-81.
    • (2009) Review of Financial Studies , vol.22 , pp. 749-781
    • Garleanu, N.1    Zwiebel, J.2
  • 31
    • 0034372711 scopus 로고    scopus 로고
    • The Design of Bank Loan Contracts
    • Gorton, G., and J. Kahn. The Design of Bank Loan Contracts. Review of Financial Studies 13 (2000): 331-364.
    • (2000) Review of Financial Studies , vol.13 , pp. 331-364
    • Gorton, G.1    Kahn, J.2
  • 32
    • 0002498298 scopus 로고
    • The Determinantion of Long-Term Credit Standing with Financial Ratios
    • Horrigan, J. O. The Determinantion of Long-Term Credit Standing with Financial Ratios. Journal of Accounting Research 4 (1966): 44-62.
    • (1966) Journal of Accounting Research , vol.4 , pp. 44-62
    • Horrigan, J.O.1
  • 33
    • 84855873223 scopus 로고    scopus 로고
    • Applied Logistic Regression. Second edition. Hoboken: John Wiley & Sons, Inc.
    • Hosmer, D. W., and S. Lemeshow. Applied Logistic Regression. Second edition. Hoboken: John Wiley & Sons, Inc., 2000.
    • (2000)
    • Hosmer, D.W.1    Lemeshow, S.2
  • 34
    • 84855871557 scopus 로고    scopus 로고
    • Analysis of Panel Data. Second edition. Cambridge, UK: Cambridge University Press
    • Hsiao, C. Analysis of Panel Data. Second edition. Cambridge, UK: Cambridge University Press, 2003.
    • (2003)
    • Hsiao, C.1
  • 35
    • 0000079319 scopus 로고
    • Limited Contract Enforcement and Strategic Renegotiation
    • Huberman, G., and C. Kahn. Limited Contract Enforcement and Strategic Renegotiation. The American Economic Review 78 (1988): 471-84.
    • (1988) The American Economic Review , vol.78 , pp. 471-484
    • Huberman, G.1    Kahn, C.2
  • 37
    • 44649197264 scopus 로고
    • Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
    • Jensen, M. C., and W. H. Meckling. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3 (1976): 305-60.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 38
    • 0000018330 scopus 로고
    • Statistical Models of Bond Ratings: A Methodological Inquiry
    • Kaplan, R. S., and G. Urwitz. Statistical Models of Bond Ratings: A Methodological Inquiry. The Journal of Business 52 (1979): 231-61.
    • (1979) The Journal of Business , vol.52 , pp. 231-261
    • Kaplan, R.S.1    Urwitz, G.2
  • 39
    • 0003112060 scopus 로고    scopus 로고
    • Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
    • Kaplan, S., and L. Zingales. Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? Quarterly Journal of Economics, 112 (1997): 169-216.
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 169-216
    • Kaplan, S.1    Zingales, L.2
  • 40
    • 84855871562 scopus 로고    scopus 로고
    • Rethinking Capital Regulation." NBER working paper
    • Kashyap, A. K.; R. G. Rajan; and J. C. Stein. Rethinking Capital Regulation." NBER working paper, 2008.
    • (2008)
    • Kashyap, A.K.1    Rajan, R.G.2    Stein, J.C.3
  • 42
    • 0002604722 scopus 로고
    • Accounting Information in Private Markets: Evidence from Private Lending Agreements
    • Leftwich, R. Accounting Information in Private Markets: Evidence from Private Lending Agreements. Accounting Review 58 (1983): 23-42.
    • (1983) Accounting Review , vol.58 , pp. 23-42
    • Leftwich, R.1
  • 45
    • 0001216360 scopus 로고
    • 2 Measures Based on Wald and Likelihood Ratio Joint Significance Tests
    • 2 Measures Based on Wald and Likelihood Ratio Joint Significance Tests. The American Statistician 44 (1990): 250-53.
    • (1990) The American Statistician , vol.44 , pp. 250-253
    • Magee, L.1
  • 46
    • 70449534103 scopus 로고    scopus 로고
    • Comparison of Performance Measures for Multivariate Discrete Models
    • Meinel, N. Comparison of Performance Measures for Multivariate Discrete Models. AStA Advances in Statistical Analysis 93 (2009): 159-74.
    • (2009) AStA Advances in Statistical Analysis , vol.93 , pp. 159-174
    • Meinel, N.1
  • 47
    • 0029743285 scopus 로고    scopus 로고
    • Explained Variation for Logistic Regression
    • Mittlbock, M., and M. Schemper. Explained Variation for Logistic Regression. Statistics in Medicine 15 (1996): 1987-97.
    • (1996) Statistics in Medicine , vol.15 , pp. 1987-1997
    • Mittlbock, M.1    Schemper, M.2
  • 48
    • 49449125071 scopus 로고
    • Determinants of Corporate Borrowing
    • Myers, S. C. Determinants of Corporate Borrowing. Journal of Financial Economics 5 (1977): 147-75.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.C.1
  • 49
    • 77956887506 scopus 로고
    • A Note on a General Definition of the Coefficient of Determination
    • Nagelkerke, N. J. D. A Note on a General Definition of the Coefficient of Determination. Biometrika, 78 (1991): 691-92.
    • (1991) Biometrika , vol.78 , pp. 691-692
    • Nagelkerke, N.J.D.1
  • 50
    • 0037234544 scopus 로고    scopus 로고
    • Determinants of Contractual Relations Between Shareholders and Bondholders; Investment Opportunities and Restrictive Covenants
    • Nash, R.; J. Netter; and A. Poulsen. Determinants of Contractual Relations Between Shareholders and Bondholders; Investment Opportunities and Restrictive Covenants. Journal of Corporate Finance 9 (2003): 201-32.
    • (2003) Journal of Corporate Finance , vol.9 , pp. 201-232
    • Nash, R.1    Netter, J.2    Poulsen, A.3
  • 51
    • 74549191905 scopus 로고    scopus 로고
    • Debt Covenants and Accounting Conservatism
    • Nikolaev, V. V. Debt Covenants and Accounting Conservatism. Journal of Accounting Research 48 (2010): 51-89.
    • (2010) Journal of Accounting Research , vol.48 , pp. 51-89
    • Nikolaev, V.V.1
  • 53
    • 84993869749 scopus 로고
    • Covenants and Collateral as Incentives to Monitor
    • Rajan, R., and A. Winton. Covenants and Collateral as Incentives to Monitor. Journal of Finance 50 (1995): 1113-46.
    • (1995) Journal of Finance , vol.50 , pp. 1113-1146
    • Rajan, R.1    Winton, A.2
  • 54
    • 67849084843 scopus 로고    scopus 로고
    • Renegotiation of Financial Contracts: Evidence from Private Credit Agreements
    • Roberts, M. R., and A. Sufi. Renegotiation of Financial Contracts: Evidence from Private Credit Agreements. Journal of Financial Economics 93 (2009): 159-84.
    • (2009) Journal of Financial Economics , vol.93 , pp. 159-184
    • Roberts, M.R.1    Sufi, A.2
  • 55
    • 0000649376 scopus 로고
    • The Investment Opportunity Set and Accounting Procedure Choice: Preliminary Evidence
    • Skinner, D. J. The Investment Opportunity Set and Accounting Procedure Choice: Preliminary Evidence. Journal of Accounting and Economics 16 (1993): 407-45.
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 407-445
    • Skinner, D.J.1
  • 56
    • 83355169586 scopus 로고    scopus 로고
    • Discussion of 'Accounting Standards and Debt Covenants: Has the "Balance Sheet Approach" Led to a Decline in the Use of Balance Sheet Covenants?'"
    • Forthcoming
    • Skinner, D. J. Discussion of 'Accounting Standards and Debt Covenants: Has the "Balance Sheet Approach" Led to a Decline in the Use of Balance Sheet Covenants?'" Journal of Accounting and Economics (2011): Forthcoming.
    • (2011) Journal of Accounting and Economics
    • Skinner, D.J.1
  • 57
    • 49249143360 scopus 로고
    • On Financial Contracting: An Analysis of Bond Covenants
    • Smith, C. W., and J. B. Warner. On Financial Contracting: An Analysis of Bond Covenants. Journal of Financial Economics 7 (1979): 117-61.
    • (1979) Journal of Financial Economics , vol.7 , pp. 117-161
    • Smith, C.W.1    Warner, J.B.2
  • 58
    • 84855886546 scopus 로고    scopus 로고
    • Standard & Poor's. "Rating Methodology: Evaluating the Issuer."
    • Standard & Poor's. "Rating Methodology: Evaluating the Issuer." (2010).
    • (2010)
  • 59
    • 38149148207 scopus 로고
    • Debt-Covenant Violations and Managers' Accounting Responses
    • Sweeney, A. P. Debt-Covenant Violations and Managers' Accounting Responses. Journal of Accounting and Economics 17 (1994): 281-308.
    • (1994) Journal of Accounting and Economics , vol.17 , pp. 281-308
    • Sweeney, A.P.1
  • 60
    • 0742311560 scopus 로고    scopus 로고
    • Conservatism in Accounting, Part I: Explanations and Implications
    • Watts, R. L. Conservatism in Accounting, Part I: Explanations and Implications. Accounting Horizons 17 (2003): 207-21.
    • (2003) Accounting Horizons , vol.17 , pp. 207-221
    • Watts, R.L.1
  • 62
    • 0001247152 scopus 로고
    • An Alternative Approach to Predicting Corporate Bond Ratings
    • West, R. R. An Alternative Approach to Predicting Corporate Bond Ratings. Journal of Accounting Research 8 (1970): 118-25.
    • (1970) Journal of Accounting Research , vol.8 , pp. 118-125
    • West, R.R.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.