Relevant bibliographies by topics / Financial covenants

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  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers

Academic literature on the topic 'Financial covenants'

Author: Grafiati
Published: 10 December 2022
Last updated: 28 January 2023

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Journal articles on the topic "Financial covenants"

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Chava, Sudheer, Shunlan Fang, and Saumya Prabhat. "Signaling through Dynamic Thresholds in Financial Covenants." Journal of Financial Reporting 6, no. 1 (January 29, 2021): 55–85. http://dx.doi.org/10.2308/jfr-2018-0028.

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ABSTRACT Among loan contracts originated during 1996–2015 with covenants, 37 percent have financial covenant thresholds that automatically tighten according to a predetermined schedule. Firms that accept dynamic covenant thresholds improve their creditworthiness, but they are more likely to violate covenants relative to matched control firms. In the event of a covenant violation, these firms are less likely to receive a waiver. They also tend to pay higher waiver fees, experience greater investment cuts, reclassify more debt as callable within one year, and they are more likely to switch lead lenders. Overall, our findings suggest that, on average, signaling through dynamic thresholds in covenants is credible but costly to borrowers should they fail to deliver the signaled performance. JEL Classifications: G14, G21, G32, G34, M41.
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Chava, Sudheer, Shunlan Fang, Praveen Kumar, and Saumya Prabhat. "Debt Covenants and Corporate Governance." Annual Review of Financial Economics 11, no. 1 (December 26, 2019): 197–219. http://dx.doi.org/10.1146/annurev-financial-110716-032511.

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We review the recent theoretical and empirical literature on debt covenants with a particular focus on how creditor governance after covenant violations can influence the borrower's corporate policies. From the theoretical literature, we identify the key trade-offs that help explain the observed heterogeneity in covenant types, inclusion, likelihood of violation, and postviolation renegotiation flexibility. Empirically, we first review the literature that deals with ex ante evidence on covenant design and the various factors that influence covenant design; we next review the ex post evidence on the impact of technical covenant violations on the borrower. We then discuss limitations of the existing theoretical and empirical studies and conclude with some directions for future research in this burgeoning area.
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Cohen, Moshe, Sharon P. Katz, Sunay Mutlu, and Gil Sadka. "Do Debt Covenants Constrain Borrowings Prior to Violation? Evidence from SFAS 160." Accounting Review 94, no. 2 (July 1, 2018): 133–56. http://dx.doi.org/10.2308/accr-52204.

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ABSTRACT Prior evidence shows a reduction in leverage after covenant violations, but we do not know whether covenants affect leverage before they are violated. In this study, we use an exogenous accounting-based shock to debt covenants that relaxed covenant tightness (SFAS 160) and examine whether covenants constrain leverage for borrowers that are close to violation, even when the borrower is financially healthy. We find that SFAS 160 increased debt levels in firms that were close to violation. This increase in debt was driven by financially healthy firms, suggesting the likelihood of future covenant violations could impede borrowing by firms. We also find an increase in investment sensitivity to Q after SFAS 160 in firms close to violation, suggesting the additional debt was used to make legitimate investments. Because SFAS 160 was passed in the midst of the financial crisis, it is difficult to generalize our findings to more normal financial periods. JEL Classifications: G01; G30; G31; G33; M21; M41.
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Bradley, Michael, and Michael R. Roberts. "The Structure and Pricing of Corporate Debt Covenants." Quarterly Journal of Finance 05, no. 02 (June 2015): 1550001. http://dx.doi.org/10.1142/s2010139215500019.

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We provide evidence on the covenant structure of corporate loan agreements. Building on the work of Jensen and Meckling [1976, Theory of the Firm: Managerial Behavior, Agency Costs, and Captial Structure, Journal of the Financial Economics 3, 305–360], Myers [1977, Determinants of Corporate Borrowing, Journal of Financial Economics 5, 145–147] and Smith and Warner [1979, On Financial Contracting: An Analysis of Bond Covenants, Journal of Financial Economics 7(2), 117–161]. We summarize and test the implications for what we refer to as the Agency Theory of Covenants (ATC), using a large sample of privately placed corporate debt. Our results are consistent with many of the implications of the ATC, including a negative relation between the promised yield on corporate debt and the presence of covenants. We also find that borrower and lender characteristics, as well as macroeconomic factors, determine covenant structure. Loans are more likely to include protective covenants when the borrower is small, has high growth opportunities or is highly levered. Loans made by investment banks and syndicated loans are also more likely to include protective covenants, as are loans made during recessionary periods or when credit spreads are large. Finally, we show that consistent with the ATC, firms that elect to issue private rather than public debt are smaller, have greater growth opportunities, less long-term debt, fewer tangible assets, more volatile cash flows and include more covenants in their debt agreements. An important byproduct of our analysis is to demonstrate empirically that covenant structure and the yield on corporate debt are determined simultaneously.
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WEI, Tzu-Wen, Jyh-An LEE, Chi-Jui Huang, and Tse-Ping DONG. "COVENANT DESIGN IN FINANCIAL CONTRACTS: A CASE STUDY OF THE PRIVATE EQUITY ACQUISITION OF HCA." International Journal of Strategic Property Management 19, no. 4 (December 23, 2015): 325–35. http://dx.doi.org/10.3846/1648715x.2015.1073192.

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A buyout deal involves several parties, including private equity firms, the target company, and lending banks. All these parties are legally connected by contractual arrangements, and covenants among all interest parties are important. However, a comprehensive study on designing covenants among parties in a buyout deal to achieve commitment and avoid risk in closing a deal is seldom seen in current literature. By investigating one of the world's largest buyout deals – the acquisition of Hospital Corporation of America (HCA), this paper not only probes into the design of contracts and covenant, but also provides several managerial implications. This paper concludes that well-designed covenants in buy-out deals can appropriately align all participants’ diversified interests.
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Basar, Nur Fatwa, and Andi Hendro. "The Role of Debt Covenant in Moderating the Effects of Poilitical Cost on Accounting Conservatism." Volume 5 - 2020, Issue 9 - September 5, no. 9 (September 24, 2020): 505–10. http://dx.doi.org/10.38124/ijisrt20sep315.

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The purpose of this study was to analyze the direct effect of political cost and debt covenant on accounting conservatism. Besides, this study also analyzes the role of debt covenants as a moderator between the effect of political cost on accounting conservatism. The companies that are the samples are companies indexed on the IDX30 other than financial services companies and companies with non-rupiah financial reports. the data used is secondary data from the financial statements of 20 companies listed on the Indonesian stock exchange. data analysis using multiple linear regression and analysis of variance. The results showed that political cost directly affects accounting conservatism positively and significantly. whereas debt covenant does not have a direct significant effect on accounting conservatism. Besides, this study shows the role of debt covenants in strengthening the effect of political costs on accounting conservatism.
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Naumenkova, Svitlana, Ievgen Tishchenko, Svitlana Mishchenko, Volodymyr Mishchenko, and Viktor Ivanov. "Assessment and mitigation of credit risks in project financing." Banks and Bank Systems 15, no. 1 (March 6, 2020): 72–84. http://dx.doi.org/10.21511/bbs.15(1).2020.08.

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Lending to long-term investment projects in fragile countries requires additional financial instruments to control the sustainability of project cash flows and to increase the borrower’s financial discipline in debt servicing. This paper analyzes the special aspects of using financial covenants as credit risk mitigation instruments in project financing in Ukraine. It also argues that regulatory requirements to maintain financial strength indicators at the appropriate level have an indirect impact on the change in project finance loan rates. The study primarily aims at developing approaches to defining a credit rate corridor for an investment project, depending on changes in the values of financial sustainability indicators. The implementation of the proposed approach allows increasing the validity of credit risk components for investors and optimizing capital value for borrowers.As required by international practice, violation of covenant terms is the trigger for satisfying the creditors’ claims. According to the authors’ conclusions, the use of financial covenants as a tool for protecting the creditors’ interests should not be an instrument of unreasonable financial pressure on borrowers. The study reveals benefits and drawbacks of using financial covenants to mitigate credit risk and reduce the probability of a borrower default in the field of project financing in Ukraine.
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Fan, Yun, Wayne B. Thomas, and Xiaoou Yu. "The Impact of Financial Covenants in Private Loan Contracts on Classification Shifting." Management Science 65, no. 8 (August 2019): 3637–53. http://dx.doi.org/10.1287/mnsc.2018.3110.

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This study examines whether firms with private loan contracts that contain debt covenants based on earnings before interest, taxes, depreciation, and amortization (EBITDA) are more likely to misclassify core expenses as special items (i.e., classification shift). Misclassifying core expenses as income-decreasing special items allows the firm to increase EBITDA and thereby potentially avoid debt covenant violations. Consistent with our expectation, firms misclassify core expenses as special items when at least one EBITDA-related financial covenant is close to being violated. In addition, classification shifting is more prominent when financially distressed firms are close to violating at least one EBITDA-related covenant. Whereas prior research on classification shifting focuses primarily on equity market incentives (e.g., meeting analysts’ earnings forecasts), our study extends this research to private loan contracts to highlight that creditors also affect classification shifting. Classification shifting appears to be an additional earnings management technique used by managers to avoid debt covenant violations. This paper was accepted by Shivaram Rajgopal, accounting.
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KABII, THOMAS, and PIERRE HORWITZ. "A review of landholder motivations and determinants for participation in conservation covenanting programmes." Environmental Conservation 33, no. 1 (March 2006): 11–20. http://dx.doi.org/10.1017/s0376892906002761.

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Conservation covenants (or easements) are flexible but legally enforceable documents attached to a land title restricting the use of that land, providing for the protection of important conservation values, while allowing the landholder to retain possession. Given the attractiveness of covenants to those who seek to expand national and regional nature conservation initiatives, it is important to understand landholder motivations for participation in programmes that covenant for nature conservation. This paper examines the likely influences on landholder decision making when it comes to conservation initiatives. A review of literature highlights key motivations and determinants, such as landholder demographics and the nature of the land tenure in question, their knowledge and awareness of the programme, financial circumstances, and perceptions of financial and other risks and benefits of the programme itself, including incentives and compensation. Underpinning, or mediating, the decision-making processes will be landholder philosophies and values, and five constructs are determined from the review, namely economic dependence on property, private property rights, confidence in perpetual covenant mechanisms, nature conservation equity and nature conservation ethic. Using these constructs, a series of explicit hypotheses is drawn, applicable to agencies dealing with conservation covenants and testable through an adaptive management approach. A conceptual model is presented to show hypothesized relationships between motivational factors and the five constructs that will lead to the uptake of covenants by landholders, providing direction for policy makers and managers of incentive programmes for nature conservation on private lands.
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Haage, Roland. "Financial Covenants in der Praxis." Controlling 27, no. 3 (2015): 200–205. http://dx.doi.org/10.15358/0935-0381-2015-3-200.

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Dissertations / Theses on the topic "Financial covenants"

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Silva, Adolfo Henrique Coutinho e. "Escolha de práticas contábeis no Brasil: uma análise sob a ótica da hipótese dos covenants contratuais." Universidade de São Paulo, 2008. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-16012009-120147/.

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Este trabalho tem o objetivo de analisar os determinantes e as conseqüências econômicas das escolhas de práticas contábeis sob a ótica da Hipótese dos Covenants Contratuais. Mais especificamente, este estudo investiga se os administradores de empresas brasileiras com registro na Comissão de Valores Mobiliários (CVM) e que efetuaram captações de longo prazo (debêntures e créditos bancários) realizam mudanças de práticas contábeis voluntárias com o objetivo de evitar a violação de covenants (baseados em números contábeis) estabelecidos nos contratos de dívida. Na análise desse fenômeno, estudos anteriores sugerem que os administradores de empresas adotam práticas contábeis pouco conservadoras (que aumentam o resultado e o patrimônio líquido) com o objetivo de evitar a violação de covenants contábeis. Com base na análise de 125 companhias brasileiras (com registro na CVM) que captaram recursos de longo prazo no mercado de crédito via debêntures e créditos bancários (no período de 2000 a 2006), e utilizando testes estatísticos univariados (histogramas empíricos e teste qui-quadrado) e multivariados (regressão logística), foi possível demonstrar que as referidas empresas não realizam mudanças de práticas contábeis voluntárias com o objetivo de evitar a violação de covenants contábeis. Os principais motivos que fundamentam essa conclusão são: (a) os baixos custos nos casos de violação dos covenants contábeis; (b) a ativa normatização e fiscalização contábil das agências reguladoras de serviços públicos, especialmente no setor de energia elétrica; e (c) as empresas, em geral, já utilizam práticas contábeis pouco conservadoras. Tal resultado permite supor que, a fim de evitar a violação dos covenants contábeis, os administradores adotam ações reais que impactam o fluxo de caixa da companhia. A principal contribuição dos resultados observados é demonstrar que, apesar da existência de covenants contábeis nos títulos de dívida emitidos pelas empresas brasileiras analisadas, não existem evidências significativas de mudanças de práticas voluntárias oportunistas para evitar a violação dos covenants contábeis. Esse resultado indica a presença da Abordagem da Eficiência Contratual no contexto das empresas que realizam captações de recursos de longo prazo no mercado de crédito no Brasil.
The present study aims to analyze the economic motivations and consequences of accounting choices under the Debt Covenants Hypothesis. Specifically, this study investigates if managers of Brazilian companies that issued long-term debts make changes in accounting methods in order to prevent the breaking of covenants (based on accounting numbers) established in debt contracts. In the analysis of this fact, prior studies suggests that managers of those companies adopt accounting methods less conservatives (that increase earnings and equity) with the objective of preventing the breaking of debt covenants. Through the analysis of 125 public Brazilian companies that issued long-term debts (in the period 2000-2006), and using univariate (real histogram and chi-square test) and multivariate (logistic regression) statistical tests, it was possible to demonstrate those companies do not make changes in accounting methods in order to prevent the breaking of covenants established in debt contracts. The main reasons that underlying these results are: (a) the low costs in breaking debt covenants; (b) the active regulation and oversight public services regulatory agencies, especially in electric energy sector; (c) Brazilian companies, in general, already adopt less conservative accounting methods. Such results, allow us to suppose that managers, in order to prevent the breaking of debt covenants, take real actions that impact the companies cash flow. The main contribution of the observed results is to demonstrate that there is no evidence of significant opportunistic accounting choices with the purpose of preventing the breaking of debt covenants. Such results suggest the presence of the Contractual Efficiency Approach in the context of the companies that issued long term debts in Brazil.
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Schulte, Louis-Philipp [Verfasser]. "Zum Beitrag von Insolvenzeröffnungsgründen und Financial Covenants zum Gläubigerschutz. : Eine empirische Analyse ihrer Warnfunktion und ihres Einflusses auf den Wert der Ansprüche von Fremd- und Eigenkapitalgebern. / Louis-Philipp Schulte." Berlin : Duncker & Humblot, 2015. http://d-nb.info/1238437370/34.

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Silva, Andrea Bispo da. "Abordagens para a classificação contábil de instrumentos financeiros híbridos e/ou compostos: um estudo de caso com uma companhia aberta brasileira." Universidade do Estado do Rio de Janeiro, 2014. http://www.bdtd.uerj.br/tde_busca/arquivo.php?codArquivo=8941.

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Instrumentos financeiros híbridos e/ou compostos têm sido tema constante em matéria de regulação contábil. A literatura positiva apresenta uma hipótese que ajuda a compreender o porquê de algumas firmas recorrerem a ditos instrumentos para captar recursos: nível de endividamento no limite de quebra de covenants contratuais. No Brasil, firmas com registro na CVM, que se utilizaram desses instrumentos, classificando-os no patrimônio líquido, tiveram suas ITRs e/ou DFs reapresentadas e/ou republicadas por determinação da CVM. O ponto crítico de toda a discussão reside na distinção entre um item de passivo e um item de patrimônio líquido. Esse tema está disciplinado na IAS 32 (PT CPC n. 39) e presente no Discussion Paper - A review of the conceptual framework for financial reporting, emitido pelo IASB em julho de 2013, que apresenta duas abordagens que podem ser utilizadas, visando a simplificar a distinção entre um item de passivo e de patrimônio líquido: a narrow equity approach - NEA e a strict obligation approach - SOA. A adoção de cada uma dessas abordagens terá um impacto diferente nos níveis de endividamento/alavancagem e no potencial de diluição de participação dos acionistas. Este trabalho tem como objetivo investigar abordagens para a classificação contábil das debêntures mandatoriamente conversíveis em ações, vis-à-vis a IAS 32 (PT CPC n. 39) e o Discussion Paper do IASB (NEA x SOA). A metodologia adotada é um estudo de caso de uma companhia aberta brasileira, que em 2010 emitiu debêntures mandatoriamente conversíveis e efetuou uma classificação desses instrumentos considerada inadequada pelo órgão regulador. Observa-se que a strict obligation approach é a abordagem que impacta menos no nível de endividamento, enquanto a narrow equity approach é a que apresenta maior alavancagem. As evidências sugerem os covenants contratuais como possíveis indutores de tal prática, fato que está em linha com o que a literatura da área documenta como fenômeno esperado. É bem verdade que no caso concreto, houve quebra contínua de covenants contratuais, corroborando a hipótese apresentada por SILVA (2008) de que o baixo custo de violação de covenants contribua para tal situação. Alternativamente, uma possível explicação para a escolha contábil da companhia reside na complexidade da IAS 32 (PT CPC 39) e desconhecimento de suas nuances.
Hybrid financial instruments and/or compounds has been a constant theme regarding accounting regulation. The positive literature presents a hypothesis that help to understand why some companies appeal to said instruments to raise funds: Indebtedness level on the breach limit of contractual covenants. In Brazil, companies with CVM register, that used these instruments, sorting them on the equity, had their quarterly statements and/or financial statements restated and/or republished by CVM resolution. The critical point of the whole discussion lies in the distinction between a liability item and an equity item. This subject is covered in the IAS 32 (PT CPC n. 39) and is present in "Discussion Paper - A review of the conceptual framework for financial reporting", issued by IASB in July 2013, having two approaches that can be used, order to simplify the distinction between an item of liabilities and equity: the narrow equity approach - NEA and the strict obligation approach - SOA. The adoption of each of these approaches have a different impact on levels of debt / leverage and the potential dilution of the shareholding. This work aims to investigate approaches to accounting classification of mandatorily convertible debentures, vis-à-vis the IAS 32 (PT CPC n. 39) and the Discussion Paper of the IASB (NEA x SOA).The methodology used is a case study of a Brazilian corporation, that in 2010 issued mandatorily convertible debentures and made a classification of these instruments deemed inappropriate by the regulator. It can be observed that the strict obligation approach is the approach that impacts least on the level of indebtedness, while the narrow equity approach is the one that have the most leverage. Evidence suggests the contractual covenants as potencial inducers of such practice, fact which is in accordance with the literature documenting the area as a phenomenon expected. It is true that in the case in, there was continuous breach of the contractual covenants, corroborating the hypothesis presented by SILVA (2008) that the low cost of violation of covenants contribute to such a situation. Alternatively, a possible explanation for the choice of the accounting company is the complexity of IAS 32 (PT CPC 39) and ignorance of its nuances.
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Kang, Di. "TWO ESSAYS ON NONBANK FINANCIAL INSTITUTIONS." UKnowledge, 2014. http://uknowledge.uky.edu/finance_etds/3.

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Evidence shows that nonbanks, which are now significant participants in the corporate loan market, exploit information gained from lending to trade in public securities. In the first essay, I examine whether these institutions use loan-based information to facilitate merger and acquisition (M&A) deals. I find that firms are more likely to become targets if they borrow from nonbanks rather than banks. Borrowing from a larger number of nonbanks or from those with a sizeable client network also enhances a firm’s acquisition prospects. When nonbanks gain more information about borrowers through loan amendments or multiple loans, the impact of nonbank lending grows stronger. I also identify three channels that might allow nonbanks to exploit loan-based information in the M&A market. In the second essay, I focus on the difference in covenant structure between nonbank loans and bank loans. Previous studies show that loans to riskier borrowers are more likely to have stronger financial covenants in order to mitigate agency problems and conflicts of interest between debt and equity holders. Interestingly, I find that nonbanks loans have fewer, less restrictive financial covenants than commercial banks, all else equal. Although the prior literature shows that banks play an active role in corporate governance following covenant violations, I find that nonbanks are less likely to intervene in borrowers’ decision making in similar circumstances. Nonbank borrowers are significantly more likely than bank clients to experience severe financial distress.
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Jung-Senssfelder, Karoline. "Equity financing and covenants in venture capital an augmented contracting approach to optimal German contract design /." Wiesbaden : Deutscher Universitäts-Verlag, 2006. http://site.ebrary.com/id/10231791.

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Jung-Senssfelder, Karoline. "Equity financing and covenants in venture capital : an augmented contracting approach to optimal German contract design /." Wiesbaden : Dt. Univ.-Verl, 2005. https://www.lib.umn.edu/slog.phtml?url=http://www.myilibrary.com?id=134354.

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N'goma, Thallian-Farrel. "L'augmentation de capital en situation difficile : le cas des entreprises françaises cotées." Thesis, Brest, 2016. http://www.theses.fr/2016BRES0046/document.

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L’objet de la présente recherche vise à donner un éclairage théorique, méthodologique et pratique de l’augmentation de capital étudiée dans un contexte de crise. En effet, le cadre conceptuel de cette recherche a porté sur les termes suivants : augmentation de capital, difficulté financière, signaux annonciateurs de la situation difficile, notion d’entreprise en situation difficile et plus particulièrement sur la théorie de signalisation et sur la théorie de la lecture optionnelle du bilan. Il convient d’affirmer que ce cadre théorique a eu pour intérêt de « contextualiser » et de délimiter le sujet de recherche. Pour affiner la délimitation du sujet, une étude exploratoire a été réalisée. Elle a permis d’identifier les indicateurs de la situation difficile et de tester la méthodologie d’étude d’événement sur un cas. Enfin, pour valider cette recherche et pour permettre la généralisation des résultats, la méthodologie d’étude d’événement a été appliquée à un échantillon de 30 cas d’entreprises en situation difficile. Le but de cette étude a été de mesurer la création ou la destruction de la valeur actionnariale observable lors du lancement de ce type d’opération qui permet de mesurer les réactions des actionnaires anciens. Par ailleurs, pour mieux appréhender la perception des investisseurs sur ce type d’opération, la recherche s’est orientée vers les analyses de sens et textuelles lexicales. Au final, le sujet étudié peut s’appréhender comme un financement de dernier recours pour les sociétés en situation difficile
The aim of the present research is to provide a theoretical lighting, methodology and practical of the capital increase studied in a context of crisis. Indeed, the conceptual framework of this research focused on the precision of terms such as capital increase, financial difficulty, covenant of difficulty, concept of enterprise in difficulty and in particular on the indication of theories namely signaling and the balance sheet optional reading. We wish to emphasize that this framework has had interest to « contextualize » and to delimit the research topic. And to improve the delimitation of the topic, an exploratory study was conducted and it has identified the indicators of difficulty and test the event study methodology on a case. Finally, to validate this research and to allow generalization of results, event study methodology was applied to a sample of 30 cases of companies in difficulty. The aim of study was to measure the creation or destruction of shareholder value observable at the launch of this type of operation to measure the reactions of former shareholders. Furthermore, to better understand the perception of investors in this type of operation, the research is oriented analyzes of lexical meaning and textual. In the end, the topic studied can be apprehended as a last resort financing for companies in difficulty
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鄭蕙嬋. "Financial covenants of debt contract and corporate earnings quality." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/47458472553151202722.

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Tappeiner, Florian [Verfasser]. "Structure and determinants of financial covenants in leveraged buyouts / Florian T. Tappeiner." 2010. http://d-nb.info/1011192039/34.

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(9105083), Rixing Lou. "Do Sell-Side Analysts Provide More Information Following Debt Covenant Violations?" Thesis, 2020.

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This study examines whether financial analysts produce larger amounts of research output and whether their research is more valuable for investors following a debt covenant violation (DCV, hereafter). After a DCV, investor uncertainty about firm value and information asymmetry among stakeholders likely increases. It is therefore difficult for investors to assess firm prospects, resulting in increased demand for firm-specific information. Sell-side analysts, as sophisticated information intermediaries, are skilled at gathering and processing information; thus they are well-suited to provide more research output in response to increased investor demand. I predict and find that equity analysts provide a larger amount of research, proxied by recommendation revisions and earnings forecast revisions, after a DCV. I also document an incremental association between a DCV and analyst research production for firms with less financial flexibility, firms with low institutional ownership, and firms covered by more experienced analysts. In addition, I find evidence that analyst research becomes more valuable and that uncertainty-adjusted analyst forecast errors decrease following a DCV. These results suggest that a change in a firm’s information environment associated with a DCV has significant influence on investors and equity analysts besides the economic consequences documented in prior literature.
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Books on the topic "Financial covenants"

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Mozzarelli, Michele. Business covenants e governo della società finanziata. Milano: Giuffrè editore, 2013.

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A, McKay David. From term sheets to financial covenants: Drafting skills and basic accounting know-how. Boston, MA: Masschusetts Continuing Legal Education, Inc., 1999.

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Citron, David B. The Use of financial ratio covenants in UK bank loan contracts and the implications for accounting method choice. London: City University Business School, Centre for Empirical Research in Finance and Accounting, 1992.

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Kaufmann, Christine. The Covenants and Financial Crises. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198825890.003.0013.

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This chapter identifies three key elements for effectively implementing the Covenants in times of financial crisis: a people-oriented, rights-based perspective, a process to foster coherence, and a new paradigm for bridging the gap between human rights and international financial regulations. It first analyses the anatomy of different types of financial crises from a rights-holder perspective and identifies the key actors and their potential impacts. It shows that, while financial crises share commonalities, their triggers, involved actors, and effects may vary substantially, leading to a complex web of relationships and responsibilities and norm fragmentation. This feeds into an expansion of focus from people to process and coherence with an analysis of the human rights responsibilities of international financial institutions and their members. The chapter concludes by suggesting translational human rights as a new paradigm for bridging the identified conceptual gaps and conflicting interests, and to pave the way for a more active role of the Covenants.
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B, Draper Thomas, and Massachusetts Continuing Legal Education, Inc. (1982- ), eds. From term sheets to financial covenants. Boston, MA: MCLE, 1993.

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Financial covenants that work (91-04.20). Boston, MA (20 West St., Boston 02111): Massachusetts Continuing Legal Education, 1991.

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B, Draper Thomas, and Massachusetts Continuing Legal Education, Inc. (1982- ), eds. From term sheets to financial covenants. Boston, MA: MCLE, 1995.

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Graml, Stefan. Konzernabschlüsse Unter Berücksichtigung Von IFRS 11: Implikationen Auf Financial Covenants Von DAX Unternehmen. Springer Vieweg. in Springer Fachmedien Wiesbaden GmbH, 2013.

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Konzernabschlsse Unter Bercksichtigung Von Ifrs 11 Implikationen Auf Financial Covenants Von Dax Unternehmen. Springer Gabler, 2013.

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Gaer, Felice D. The Institutional Future of the Covenants. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198825890.003.0014.

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Longstanding proposals to strengthen implementation of the international human rights treaties have often focused on procedural reforms such as harmonizing methods of work or consolidating ten treaty monitoring bodies into one. This article reviews past reform efforts and then considers proposals to create stronger individual petition mechanisms—including a ‘world court’—as a way of strengthening human rights implementation. After discussing these proposals, the author offers additional ways to make the system more effective and efficient. She rejects the oft-suggested proposal to create a ‘world court’ for human rights, noting legal, organizational, logistical, and financial obstacles. Rather than rushing to tear down the current treaty body system, the author offers a proposal for determining how consolidation of petition proceedings might affect normative standards.
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Book chapters on the topic "Financial covenants"

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Möser, Malte, Ittay Eyal, and Emin Gün Sirer. "Bitcoin Covenants." In Financial Cryptography and Data Security, 126–41. Berlin, Heidelberg: Springer Berlin Heidelberg, 2016. http://dx.doi.org/10.1007/978-3-662-53357-4_9.

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Regelin, Frank, and Nadine Bourgeois. "Financial Covenants aus juristischer Sicht." In Praxishandbuch Debt Relations, 183–97. Wiesbaden: Springer Fachmedien Wiesbaden, 2013. http://dx.doi.org/10.1007/978-3-658-00742-3_12.

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O’Connor, Russell, and Marta Piekarska. "Enhancing Bitcoin Transactions with Covenants." In Financial Cryptography and Data Security, 191–98. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-70278-0_12.

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Lavinas, Lena. "Financial Inclusion in the New Covenant for Growth." In The Takeover of Social Policy by Financialization, 75–107. New York: Palgrave Macmillan US, 2017. http://dx.doi.org/10.1057/978-1-137-49107-7_3.

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Scarlata, Mariarosa, and Luisa Alemany. "Deal Structuring in Philanthropic Venture Capital Investments: Financing Instrument, Valuation and Covenants." In Journal of Business Ethics, 121–45. Dordrecht: Springer Netherlands, 2011. http://dx.doi.org/10.1007/978-94-007-2926-1_2.

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Nick, Angel, and Szczetnikowicz Suzanne. "15 Defaults and Workouts: Restructuring Project Financings." In International Project Finance. Oxford University Press, 2019. http://dx.doi.org/10.1093/law/9780198832850.003.0016.

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This chapter discusses restructuring, which is defined as a transaction which results in some form of an adjustment to a project company’s capital structure, or the terms of its debt, which is intended to avoid a default and the subsequent failure of the business. In the context of project financing or a company operating a group of project assets, decisions taken relating to any restructuring can be driven by the strategic nature of the assets or the need to secure energy supply or the ongoing monetization of natural assets. Topics covered include restructuring protagonists (e.g. directors, financial creditors, sponsors, etc.); process (e.g. restructuring ‘trigger’, project finance covenants, impact of covenant ‘loosening’, etc.); and restructuring options (e.g. creditors’ rights under project finance documents, defaults during development/construction, defaults during operation, etc.).
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Barnes, Byron C., Tony Calenda, and Elvis Rodriguez. "High Yield Bonds." In Debt Markets and Investments, 599–620. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190877439.003.0031.

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High yield bonds (HYBs) have become an integral part of the funding and investment landscape. HYBs are bonds rated below investment grade, indicating a potentially greater default risk and concomitant return. Although often associated with leveraged buyouts (LBOs), corporations also use HYBs to finance general corporate needs. The key drivers of HYB issuance include general economic activity, the number and size of transactions requiring financing, interest rates, and the availability of substitute financial products such as leveraged loans. Leveraged loans are another source of financing for issuers with a similar profile as HYB issuers. A key difference between HYBs and leveraged loans is that the covenants associated with a leveraged loan are typically more lender friendly. Similar to investment grade bonds, investors can purchase insurance to hedge a long HYB position against a credit event by using a credit default swap.
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Aguilar, Benjamin, Ajit Jain, and Kevin Neaves. "Short-Term Funding and Financing Alternatives." In Debt Markets and Investments, 167–84. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190877439.003.0010.

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This chapter discusses the different types of short-term funding and financing alternatives that are available in the commercial money and capital markets. First, it covers commercial paper market activity, issue maturity, and quality. Second, the chapter addresses common uses and terms for commercial and standby letters of credit as well as common issuing requirements and covenants, and discusses the parties, processes, and risks involved. Third, it covers bilateral and trilateral repurchase agreements. Fourth, the chapter discusses asset-based loans, including accounts receivable factoring and purchase order financing. Finally, it covers revolving credit facilities and their associated costs. In sum, short-term funding is important for borrowers seeking additional liquidity to finance working capital or other short-term investments. For each type of short-term funding alternative, the chapter discusses the expected return and potential risks that the borrower and lender should evaluate before entering the financial transaction.
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Cready, William M., Khondkar Karim, and Steve C. Lim. "DEBT COVENANT VIOLATION AND THE VALUE RELEVANCE OF ACCOUNTING INFORMATION." In Advances in Financial Planning and Forecasting, 151–63. Elsevier, 2003. http://dx.doi.org/10.1016/s1046-5847(02)11009-x.

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Oyedepo, Sunday O., Emmanuel G. Anifowose, Elizabeth O. Obembe, and Shoaib Khanmohamadi. "Energy-saving strategies on university campus buildings: Covenant University as case study." In Energy Services Fundamentals and Financing, 131–54. Elsevier, 2021. http://dx.doi.org/10.1016/b978-0-12-820592-1.00006-3.

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Conference papers on the topic "Financial covenants"

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Allo, Tolulope Abiola, Tayo Ola George, and Oluwatobi Dorcas Adelowo. "ELECTRONIC LEARNING DURING THE COVID-19 PANDEMIC LOCKDOWN AND THE CHALLENGE OF USAGE AMONG SELECTED UNDERGRADUATE STUDENTS OF PRIVATE AND PUBLIC UNIVERSITIES IN NIGERIA." In SOCIOINT 2022- 9th International Conference on Education and Education of Social Sciences. International Organization Center of Academic Research, 2022. http://dx.doi.org/10.46529/socioint.202238.

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This paper examined the various electronic learning platforms adopted by students in both private and public Universities in Nigeria and the challenges associated with their usage during the COVID-19 pandemic lockdown in 2020. With the ripple effect of the coronavirus cutting across all countries and sectors, about 91% of the global student’s population was affected by this global health catastrophe. The objective of this study is to compare the experiences of private and public University students to determine whether there is a significant disparity in the accessibility, affordability, and ease of use of the various e-learning platforms that were adopted during the global pandemic lockdown. The study employed the survey method in eliciting useful information from undergraduate students at Covenant University, and the undergraduate students at the University of Lagos. The population of study consisted of 374 undergraduate students from both schools. Questionnaire was physically administered to students in Covenant University while a google form was created for students in the University of Lagos due to the inaccessibility of students whose lecturers are currently on an industrial action. Data was analyzed using descriptive techniques in frequencies, percentages, and linear regression analysis. Results from the study revealed that 68.1% of students in Covenant University utilized more e-learning platforms like Moodle, Coursera, Zoom and WebEx unlike their counterparts in the University of Lagos who used only Moodle and Zoom by 43.6%. Also, 87.5% of Covenant University undergraduate students made use of their laptops mostly for their e-learning classes while 56.4% of their counterparts in the University of Lagos mostly made use of their smartphones. Findings revealed that students from the public University faced major challenges such as unstable internet connectivity, limited financial capability in buying devices such as laptops, and lack of skill and competence in navigating the e-learning platforms while students in the private universities on the contrary had relatively stable internet connectivity, could afford laptops and smart devices and had the requisite skills to properly navigate their e-learning platforms. The study concludes by recommending the provision of substantial financing that will aid in the acquisition of relevant technology to promote and support e-learning in public Universities in Nigeria. It also suggested the inclusion of public University students in adequate training on how to navigate the e-learning platforms, thereby equipping them with the requisite skills needed in maximizing the benefits of e-learning. By so doing, the Nigerian educational system would be better prepared in facing future emergencies that may warrant remote learning. Keywords: E-learning platforms, COVID-19, Emergencies, Challenges
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"COVENANT IN FINANCIAL TRANSACTIONS: QUESTIONS OF PRACTICAL APPLICATION, TRENDS OF JUDICIAL PRACTICE." In Current Issue of Law in the Banking Sphere. Samara State Economic University, 2019. http://dx.doi.org/10.46554/banking.forum-10.2019-264/269.

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