Zobrazeno 1 - 10
of 41
pro vyhledávání: '"Edward L. Owens"'
Publikováno v:
The Accounting Review. :1-24
We provide evidence that lenders with lower regulatory capital issue loans with lower financial covenant strictness, consistent with such lenders viewing borrower covenant violations as costlier. This is because a borrower covenant violation may lead
Publikováno v:
SSRN Electronic Journal.
We find that banking relationships built through institutional cross-ownership influence the granting of loans as well as loan contract terms. Specifically, firms newly added to institutional cross-owners’ portfolios are more likely to borrow from
Publikováno v:
SSRN Electronic Journal.
Participant lenders in syndicated loans depend on information collected by the lead lender for borrower screening and monitoring, as the lead lender is primarily responsible for ex-ante due diligence in evaluating borrowers. This gives rise to both m
Autor:
Edward L. Owens, Dan Amiram
Publikováno v:
Journal of Business Finance & Accounting. 45:40-71
Despite the fact that income smoothing by managers is a pervasive phenomenon that has been widely researched, extant literature provides incomplete evidence on how smoothing is associated with cost of debt in general, and in the private loan market i
Publikováno v:
Journal of Business Finance & Accounting. 45:295-318
This study examines whether key characteristics of analysts’ forecasts—timeliness, accuracy, and informativeness—change when investor demand for information is likely to be especially high, i.e., during periods of high uncertainty. Findings rev
Publikováno v:
SSRN Electronic Journal.
Despite the fact that economic interconnections among firms are very common, there is little research that examines the equilibrium outcome of such interconnections in credit markets. We examine how supply chain interconnections among borrowers withi
Publikováno v:
Journal of Accounting and Economics. 62:121-138
Prior literature documents that both earnings announcements and management earnings forecasts increase information asymmetry at announcement. In contrast, we predict and document that analyst earnings forecasts decrease information asymmetry at annou
Publikováno v:
The Accounting Review. 92:183-219
Economics challenge the specification of discretionary accrual models. Since rent-seeking firms pursue differentiated business strategies, firms in the same industry experience idiosyncratic shocks due to heterogeneous economic fundamentals and hence
Autor:
Peter R. Demerjian, Edward L. Owens
Publikováno v:
Journal of Accounting and Economics. 61:433-447
We measure the probability that a borrower will violate financial covenants in private debt contracts. We analyze hand-coded data and specify standard covenant definitions using Compustat data that minimize measurement error for all individual Dealsc
Publikováno v:
SSRN Electronic Journal.
Evidence of the effect of lender capital management incentives on debt contract design is sparse. We examine whether regulatory capital adequacy, a first-order concern for banks, is associated with the strictness of financial covenants included in lo