Zobrazeno 1 - 10
of 24
pro vyhledávání: '"Greg Nini"'
Publikováno v:
The Review of Financial Studies. 35:1897-1932
We examine the impact of creditor control rights on corporate acquisitions. Nearly 75$\%$ of loan agreements include restrictions that limit borrower acquisition decisions throughout the life of the contract. Following a financial covenant violation,
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::e0bd9651648a2cadda55ffae6901db96
https://doi.org/10.1093/rfs/hhab075
https://doi.org/10.1093/rfs/hhab075
Publikováno v:
Journal of Financial Economics. 137:249-271
We find that corporate loan contracts frequently concentrate control rights with a subset of lenders. Despite the rise in term loans without financial covenants—so-called covenant-lite loans—borrowing firms’ revolving lines of credit almost alw
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::d45f15a97fefb6f620f0e60b06a07d74
https://doi.org/10.1016/j.jfineco.2020.02.002
https://doi.org/10.1016/j.jfineco.2020.02.002
Publikováno v:
Journal of Corporate Finance. 50:453-467
The risk of customers affects corporate financial policy by limiting the ability of firms to securitize customer receivables. We find that firms with riskier receivables, based on the credit risk and diversification of the firms' principal customers,
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::46c0daf9ca35f82f27e6a590ddf52e0a
https://doi.org/10.1016/j.jcorpfin.2017.09.020
https://doi.org/10.1016/j.jcorpfin.2017.09.020
Publikováno v:
The Review of Financial Studies. 31:2983-3018
We trace the evolution of extreme illiquidity discounts among Treasury securities during the financial crisis, when bond prices fell more than 6% below more liquid but otherwise identical notes. Using high-resolution data on market quality and trader
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::cc2117de9a5272533456a463cf17c125
https://doi.org/10.1093/rfs/hhy022
https://doi.org/10.1093/rfs/hhy022
Publikováno v:
Working paper (Federal Reserve Bank of Philadelphia).
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::ad34311218d7865086f429c34f33a40b
https://doi.org/10.21799/frbp.wp.2019.41
https://doi.org/10.21799/frbp.wp.2019.41
Publikováno v:
SSRN Electronic Journal.
We find that lenders today rely on less restrictive financial covenants than 20 years ago, resulting in a nearly 70% drop in the annual proportion of U.S. public firms reporting a loan covenant violation. To study this decline, we develop a simple mo
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::a02a285382ba89bef20a1e129144f941
https://doi.org/10.2139/ssrn.3277570
https://doi.org/10.2139/ssrn.3277570
Publikováno v:
SSRN Electronic Journal.
We examine the impact of creditor control rights on corporate acquisitions. Nearly 75% of loan agreements include restrictions that limit borrower acquisition decisions throughout the life of the contract. Following a financial covenant violation, cr
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::62fd18bb4dc3f3e0b47e1125636436e4
https://doi.org/10.2139/ssrn.3046910
https://doi.org/10.2139/ssrn.3046910
Publikováno v:
The Journal of Finance. 69:1787-1825
Contrary to recent accounts of off-balance-sheet securitization by financial firms, we show that asset securitization by nonfinancial firms provides a valuable form of financing for shareholders without harming debtholders. Using data from firms� S
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::224172a2f7cef75f3ef6d945b4c7fc51
https://doi.org/10.1111/jofi.12128
https://doi.org/10.1111/jofi.12128
Publikováno v:
Journal of Financial Economics. 92:400-420
We present novel empirical evidence that conflicts of interest between creditors and their borrowers have a significant impact on firm investment policy. We examine a large sample of private credit agreements between banks and public firms and find t
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::82cef0020c8013ad4b3d0c5bf1bbf8e6
https://doi.org/10.1016/j.jfineco.2008.04.008
https://doi.org/10.1016/j.jfineco.2008.04.008
Publikováno v:
SSRN Electronic Journal.
This paper traces the evolution of extreme illiquidity discounts among Treasury securities during the financial crisis; bonds fell more than six percent below more-liquid but otherwise identical notes. Using high-resolution data on market quality and
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::52e27804ed5134a1b5cbf5b4171ebcfc
https://doi.org/10.2139/ssrn.2625107
https://doi.org/10.2139/ssrn.2625107