Relevant bibliographies by topics / Loan Covenants

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

Academic literature on the topic 'Loan Covenants'

Author: Grafiati
Published: 4 June 2021
Last updated: 9 February 2022

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Journal articles on the topic "Loan Covenants"

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Paik, Daniel Gyung, Timothy Hamilton, Brandon Byunghwan Lee, and Sung Wook Yoon. "Loan purpose and accounting based debt covenants." Review of Accounting and Finance 18, no. 2 (2019): 321–43. http://dx.doi.org/10.1108/raf-10-2017-0194.

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Purpose The purpose of this paper is to investigate the association between the purpose of a loan and the type of debt covenants, separated into balance sheet-based and income statement-based covenants. Design/methodology/approach Using private loan deal observations obtained from the DealScan database over the period between 1996 and 2013, the authors classify the sample loan deals into three categories based on the purpose of borrowing, namely, borrowings for corporate daily operating purposes, financing purposes and acquisition and investing purposes. The authors conduct multinomial logisti
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Spyridopoulos, Ioannis. "Tough Love: The Effects of Debt Contract Design on Firms’ Performance." Review of Corporate Finance Studies 9, no. 1 (2019): 44–80. http://dx.doi.org/10.1093/rcfs/cfz006.

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Abstract I investigate whether restrictive loan covenants disrupt or improve firms’ operating performance. Using an instrumental variables approach to address the endogenous relationship between covenant strictness and firms’ efficiency, I find that stricter loan covenants lead to an increase in profitability and firm value even when firms do not violate a covenant. Stricter covenants improve performance only in firms with managerial agency conflicts: those without large shareholder ownership, facing softer competition in their product market, or with weaker shareholder rights. The evidence su
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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 (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
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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 (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
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Foster, Benjamin P., Terry J. Ward, and Jon Woodroof. "An Analysis of the Usefulness of Debt Defaults and Going Concern Opinions in Bankruptcy Risk Assessment." Journal of Accounting, Auditing & Finance 13, no. 3 (1998): 351–71. http://dx.doi.org/10.1177/0148558x9801300311.

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This study extends the research of Hopwood et al. (1994) and Mutchler et al. (1997) by empirically investigating the relationships between loan defaults, violation of loan covenants, going-concern opinions, and bankruptcy in bankruptcy prediction models. One objective of this study is to empirically test the ability of loan defaults/accommodations and loan covenant violations to assess the risk of bankruptcy. Another objective of this study is to investigate the impact of failing to control for these two distress events on results from tests of the usefulness of going-concern opinions in asses
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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 (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, classi
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Balachandran, Balasingham, Huu Nhan Duong, and Van Hoang Vu. "Pension Deficits and the Design of Private Debt Contracts." Journal of Financial and Quantitative Analysis 54, no. 4 (2018): 1821–54. http://dx.doi.org/10.1017/s0022109018000935.

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We find a positive relation between the amount of pension deficits and the cost of bank loans. The effect of pension deficits on the cost of bank loans is driven by financial constraints, information-asymmetry problems, and higher pension-investment risk. Banks tighten lending terms for firms with larger pension deficits by requiring collateral, increasing the number of loan covenants, and shortening loan maturity. Borrowers with larger pension deficits are also more likely to violate covenants in the future. Collectively, these findings indicate that pension deficits represent an additional s
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Begley, Joy, and Ruth Freedman. "The Changing Role of Accounting Numbers in Public Lending Agreements." Accounting Horizons 18, no. 2 (2004): 81–96. http://dx.doi.org/10.2308/acch.2004.18.2.81.

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The use of accounting number in loan agreement is an important part of the demand for accounting information. We examine new public debt contrast from three time periods to investigate the changing role of accounting number of public lending agreements, nothing a dramatic decline in the use of accounting numbers over the last quarter century. Accounting-based covenants restricting dividends and additional borrowing appear in less than 10 percent of the most recent sample of debt contracts examined. Moreover, accounting-based covenants included in public debt contracts tend to focus more one ca
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Fortin, Michael. "Using covenants in loan agreements to promote tariff reform." Journal of Water, Sanitation and Hygiene for Development 3, no. 3 (2013): 315–21. http://dx.doi.org/10.2166/washdev.2013.059.

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This paper evaluates efforts made by development banks to promote tariff reform using covenants in infrastructure loan agreements. These covenants are evaluated within the broader context of tariff regulation in the water supply and sanitation sector. The paper outlines prerequisites for effective tariff regulation and reviews the experience with tariff regulation in developing countries and the current thinking regarding regulatory reform. Efforts by development banks to promote tariff regulation using loan covenants are often misdirected in light of the complexity of tariff regulation and th
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Bratton, William W. "Bond and loan covenants, theory and practice." Capital Markets Law Journal 11, no. 4 (2016): 461–85. http://dx.doi.org/10.1093/cmlj/kmw019.

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Dissertations / Theses on the topic "Loan Covenants"

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Lewis, Isabella. "How Will the New Leasing Standard Impact Loan Covenants, and are These Concerns Warranted?" Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1850.

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After many years of deliberations, the Financial Accounting Standards Board (FASB) has issued its new standard on Leases. This thesis will examine how the new lease standard can affect a company’s debt agreements with lenders, more specifically debt covenants. It will discuss how the revised lease accounting can alter common debt covenant ratios, and the implications of classifying the lease as operating vs. finance from the perspective of the lessee. A detailed case study incorporating the new accounting changes will illustrate the impact of the new standard on a set of common solvency and li
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Sustersic, Jennifer Lynn. "Do traded credit default swaps impact lenders' monitoring activities? Evidence from private loan agreements." The Ohio State University, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=osu1339512002.

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Osborn, Matthew Gordon. "Essays on Credit Markets and Corporate Finance." Thesis, Boston College, 2015. http://hdl.handle.net/2345/bc-ir:104368.

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Thesis advisor: Philip Strahan<br>In my first essay, I study how the rise of non-bank loan investment from CLOs, mutual funds, and hedge funds influenced contracting relationships between firms and their senior lenders. Contrary to common perception that non-bank investors diluted the incentive for banks to monitor firms, I find evidence that bank underwriters embraced tighter contracts to mitigate agency and holdout problems associated with less-informed and dispersed non-bank investors. While recent studies show that non-bank loan investors lowered the cost and expanded the availability of c
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Citron, David B. "Positive accounting theory and the study of corporate control : the role of loan covenants and the going concern qualification." Thesis, City University London, 1995. http://openaccess.city.ac.uk/7733/.

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This thesis comprises four published papers (the Papers) - three on accounting-based loan covenants and one on the going concern qualification (GCQ) - plus a linking essay. The essay focuses on the Papers' common subject matter of corporate control and on their common research methodology, positive accounting theory. The essay shows how the agency literature is closely bound up with problems of corporate control. It goes on to argue that certain features of positive accounting theory - its recognition of conflict and of institutional influences, and its focus on economic incentives - render it
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Lindqvist, Marina, and Ida Olsson. "Bankers användning av kovenanter." Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-12370.

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Kovenanter ett amerikanskt fenomen som successivt har spridit sig över världen. I Sverige börjades olika typ av kovenanter användas under 1960-talet som kreditvillkor vid företagsfinansiering. Men även om kovenanter blivit ett vanligt verktyg inom den svenska kreditverksamheten sedan 1960-talet, finns det fortfarande bristande kunskaper om dess praktiska användande.  Denna studies syfte är att utforska hur bankers användning av kovenanter i låneavtal påverkas av företagsspecifika, relationsspecifika, lånespecifika och andra faktorer. Studien är inriktad till att studera svenska bankernas använ
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Sy, Amadou Nicolas Racine. "Essays in debt covenants." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1998. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape10/PQDD_0018/NQ44604.pdf.

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Prilmeier, Robert. "Two Essays on Lending and Monitoring." The Ohio State University, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=osu1366124597.

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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 lo
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Le, Hue-Trinh, and 黎惠貞. "CEO Power and Bank Loan Covenant Restrictiveness." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/kcb6q5.

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碩士<br>元智大學<br>財務金融暨會計碩士班(財務金融學程)<br>105<br>Existing studies illustrate that the centralization of power in CEOs creates a large influence on firm performance. The CEOs are directly responsible for decision making, but whether these strategic decisions are beneficial or detrimental for the firms depends on CEOs’ perspectives of interest. One direction of making decision process of powerful CEO is high agency problem occurring when CEOs act beneficially themselves. Such a situation motivates lenders use certain mechanisms (covenants in particular) to protect their claims. Another side is the fac
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Books on the topic "Loan Covenants"

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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. City University Business School, Centre for Empirical Research in Finance and Accounting, 1992.

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Berlin, Mitchell. Debt covenants and renegotiation. Salomon Brothers Center for the Study of Financial Institutions, Leonard N. Stern School of Business, New York Universitry, 1990.

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Berlin, Mitchell. Debt covenants and renegotiation. Federal Reserve Bank of Philadelphia, Economic Research Division, 1992.

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Vicky, Cox, and Holmes Patrick. 8 Principal Loan Finance Documentation. Oxford University Press, 2015. http://dx.doi.org/10.1093/law/9780198715559.003.0009.

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This chapter considers a number of the more significant documentary issues commonly encountered in relation to the core financing documents for a project. It provides an overview of the ways in which multiple tranches of debt provided by different lenders and lending groups are made available to a project and includes an analysis of various clauses found in the principal financing documents, with particular focus on financial covenants and the ways in which lenders seek to regulate the project company’s cashflows. The chapter also discusses a number of the key intercreditor issues that arise i
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Environmental loan covenants: Helping ensure the environmental soundness of projects supported by the Asian Development Bank. Asian Development Bank, 1992.

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Simon, Gleeson. Part II Commercial Banking, 11 Netting, Collateral, and Credit Risk Mitigation. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198793410.003.0011.

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Credit risk mitigation is the umbrella term that covers the various different ways in which an exposure can be reduced for regulatory reporting purposes. This chapter discusses the three ways of doing this: netting against an existing exposure owed by the bank to the borrower; taking (certain types of) collateral; and obtaining cover from third parties in the form of guarantees or similar contracts. Banks use a several techniques to improve their position as lenders which are simply disregarded by the regulatory system, of which the most important are probably loan covenants. No matter how res
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Islands, Northern Mariana, ed. Economic development loan fund: Report for covenant negotiations. Commonwealth of the Northern Mariana Islands, 1985.

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Whitehead, Charles K. Debt and Corporate Governance. Edited by Jeffrey N. Gordon and Wolf-Georg Ringe. Oxford University Press, 2015. http://dx.doi.org/10.1093/oxfordhb/9780198743682.013.26.

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This chapter focuses on the evolving role of debt as a tool of corporate governance, or debt governance, within the context of developments in the private credit market. It first discusses debt’s traditional function, with particular emphasis on illiquid loans and the lenders’ reliance on monitoring and covenants in order to manage a borrower’s credit risk. It then considers how loans and lending relationships have evolved over time in light of the increased liquidity of traditionally private instruments. One outcome for debt governance may be a shift from the traditional dependence on covenan
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Financial covenants that work (91-04.20). Massachusetts Continuing Legal Education, 1991.

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Book chapters on the topic "Loan Covenants"

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Fight, Andrew. "Loan covenants." In Syndicated Lending. Elsevier, 2004. http://dx.doi.org/10.1016/b978-075065907-9.50007-2.

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"Covenants and the Loan Agreement." In Private Debt. John Wiley & Sons, Inc., 2018. http://dx.doi.org/10.1002/9781119501138.ch10.

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Cook, Kirsten, Tao Ma, and Yijia (Eddie) Zhao. "Do Creditors Influence Corporate Tax Planning? Evidence from Loan Covenants." In Advances in Taxation. Emerald Publishing Limited, 2020. http://dx.doi.org/10.1108/s1058-749720200000027001.

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Barnes, Byron C., Tony Calenda, and Elvis Rodriguez. "High Yield Bonds." In Debt Markets and Investments. 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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Cranston, Ross, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare. "14. Lending." In Principles of Banking Law. Oxford University Press, 2018. http://dx.doi.org/10.1093/he/9780199276080.003.0014.

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This chapter considers lending in liberalized markets, where banks enjoy greater autonomy in their choice of borrower, the terms on which they lend, and the exercise of remedies on a borrower's default. It focuses on commercial lending by banks, and thus does not consider the additional issues that arise in relation to consumer lending. Commercial lending by banks can take various forms. Bankers often use the generic term ‘facility’ to describe them all. The most basic is the term loan, where a specified maturity date sets the time for ultimate repayment. The chapter discusses the negotiation of the agreement for commercial loan facilities; the facility and its repayment; conditions precedent, representations and warranties, covenants; the negative pledge and pari passu clauses; and default.
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Gullifer, Louise, and Graham Penn. "The Boundaries of a Borrower’s Freedom to Act: Negative Covenants in Loan Agreements." In Contents of Commercial Contracts. Hart Publishing, 2020. http://dx.doi.org/10.5040/9781509930524.ch-008.

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Aguilar, Benjamin, Ajit Jain, and Kevin Neaves. "Short-Term Funding and Financing Alternatives." In Debt Markets and Investments. 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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Conference papers on the topic "Loan Covenants"

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"The use of loan covenants in the European real estate sector." In 19th Annual European Real Estate Society Conference: ERES Conference 2012. ERES, 2012. http://dx.doi.org/10.15396/eres2012_184.

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Xu, Yinshuo, Qian Liu, and Julie Cotter. "The Impacts of Environmental Risks on Bank Loan Covenants and the Cost of Bank Loans." In the 2018 International Conference. ACM Press, 2018. http://dx.doi.org/10.1145/3194188.3194203.

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Reports on the topic "Loan Covenants"

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Chodorow-Reich, Gabriel, and Antonio Falato. The Loan Covenant Channel: How Bank Health Transmits to the Real Economy. National Bureau of Economic Research, 2017. http://dx.doi.org/10.3386/w23879.

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