Download or read book Financial Covenants and Related Contracting Processes in the Australian Private Debt Market written by Paul R. Mather and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Private debt markets are characterised by covenant restrictive but renegotiation-flexible debt contracts as financial intermediaries lending in private debt markets have a comparative advantage over investors in public debt markets in offering such contracts. The two research questions investigated in this paper are quot;Whether several borrower-and contract-specific variables determine the restrictiveness of financial covenants in private debt contracts?quot; and quot;Whether several borrower-and contract-specific variables are associated with loan officers decisions to waive technical default on financial covenants?quot; Two behavioural experiments involving loan officers examined these contracting processes in the Australian private debt market. The first experiment examined whether certain variables determine the restrictiveness of financial covenants in private debt contracts. Management reputation and security were found to be associated with the number and tightness of financial covenants, whilst high financial risk was associated with increased tightness, but not the number, of such covenants. The effect of the interaction, management reputation x security, was also significant. The second experiment examined the association between certain variables and the likelihood of loan officers waiving technical default on financial covenants. Low financial risk, security and defaults caused solely by a change in accounting standards were found to be associated with the likelihood of the default being waived. These are the first behavioural experiments examining these debt contracting processes reported in the literature and the paper contributes in several ways. First, the methodology allows comparisons with findings of prior research from a new perspective. Second, the methodology enabled the investigation of the effect of management reputation on the restrictiveness of covenants: an important addition to the literature given its prominence in professional banking writings. Third, the experimental setting facilitated controlling the investment opportunity set when studying the responses to technical default thereby overcoming a limitation of the main prior study in this area (Chen and Wei, 1993).
Download or read book Financial Convenants and Related Contracting Processes in the Australian Private Debt Market written by Paul Mather and published by . This book was released on 1999 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Use of Financial Covenants in Australian Private Debt Contracts written by Paul Rohan Mather and published by . This book was released on 1997 with total page 718 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Accounting and Non Accounting Based Information in the Market for Debt written by Ian Ramsay and published by . This book was released on 2006 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines accounting and non-accounting based restrictive covenants in Australian private debt agreements. With respect to the former, our findings differ from previous research on public debt. We find more varied definitions of constraints and their specific tightness in private debt contracts than in public debt contracts. Further, limits on interest cover are found to be continuing constraints and not 'once-off' limits. The paper reports frequent use of more specific or 'tailored' accounting based constraints and the frequent inclusion of off-balance sheet numbers in the measurement rules specified.The paper also provides the first Australian evidence on the use of non-accounting based constraints. These are pervasive and cover a wide range of corporate activity. While largely consistent with previous research the paper also reports evidence of restrictions previously argued to be sub-optimal and hence, unlikely to be observed. Specifically, there are frequent restrictions on firms' production and investment policies.
Download or read book Corporate Governance Covenants Restrictiveness and Performance Pricing in Private Debt Contracts written by Intan Suryani Abu Bakar and published by . This book was released on 2012 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Accounting Historians Journal written by and published by . This book was released on 2000 with total page 830 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Measuring the Probability of Financial Covenant Violation in Private Debt Contracts written by Peter R. Demerjian and published by . This book was released on 2015 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Dealscan covenants. We use these definitions to create a measure of aggregate probability of violation, which can be used across all covenants in a loan or among covenant subsets of interest. We provide evidence that our aggregate probability measure is superior to alternatives used in prior literature.
Download or read book Accounting and Regulation written by Roberto Di Pietra and published by Springer Science & Business Media. This book was released on 2013-11-05 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1998, the world’s leading experts on accounting and regulation have convened in a series of workshops to explore and analyze emerging issues in the field. They have covered a wide array of topics, including corporate governance, auditing, financial disclosure, international standards boards, and the dynamics of markets and institutions. Most recently, they have focused on the role that accounting practices and policies may have played in the global financial crisis of 2008. In this volume, the editors showcase contributions from the workshops that represent the full spectrum of issues and perspectives relating to accounting and regulation. Each paper incorporates the most current examples and references to reflect the latest insights, with an emphasis on exploring future implications for theory and research, practice, and policymaking.
Download or read book Accounting Organizations and Society written by and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Accounting and Equity Markets written by Philip Brown and published by Routledge. This book was released on 2013-06-19 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: Philip Brown is one of the most admired and respected accounting academics alive today. He was a pioneer in capital markets research in accounting, and his 1968 article, co-authored with Ray Ball, "An Empirical Evaluation of Accounting Income Numbers," arguably had a greater impact on the course of accounting research, directly and indirectly, than any other article during the second half of the twentieth century. Since that time, his innovative research has focused on issues that bridge accounting and finance, including the relationships between net profit reports and the stock market, the long-run performance of acquiring firms, statutory sanctions and voluntary corporate disclosure, and the politics and future of national accounting standards to name a few. This volume brings together the greatest hits of Brown’s career, including several articles that were published in out-of-the-way places, for easier use by students and researchers in the field. With a foreword written by Stephen A. Zeff, and an introduction that discusses the evolution of Brown’s research interests and explains the context for each of the essays included in the volume, this book offers the reader a unique look inside this remarkable 50-year career.
Download or read book Issues in Financial Accounting written by Scott Henderson and published by Pearson Higher Education AU. This book was released on 2015-05-20 with total page 1029 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues in Financial Accounting addresses the controversial issues in financial accounting that have been debated by the preparers, users, auditors and regulators of financial statements. Henderson provides the best balance of technical and theoretical coverage in any Financial Accounting text on the market today, with its presentation of real-world examples, current debates and the underlying rationale for the accounting concepts demonstrated. Throughout the text, academic studies and professional accounting research are referenced to also provide a critical understanding of historical debates in financial accounting. The new 15th edition covers significant recent developments to the accounting standards in Australia and is based on the AASB standards and interpretations that have been issued up to the end of 2012. This includes the Australian Accounting Standard Board's (AASB) program of changes to make accounting standards equivalent to International Financial Reporting Standards.
Download or read book Business Periodicals Index written by and published by . This book was released on 1999 with total page 2202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book EBOOK Financial Accounting Theory European Edition written by DEEGAN, CRAIG and published by McGraw Hill. This book was released on 2011-01-16 with total page 575 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of Craig Deegan and Jeffrey Unerman’s market leading text presents the various theories of financial accounting through a balanced and dynamic approach. Students are given all the tools to engage with these theories and are encouraged to critically evaluate and challenge them. Clearly written and user friendly, this new edition provides comprehensive coverage of internationally developed accounting theories from a European perspective.
Download or read book Principles of Corporate Finance Law written by Eilis Ferran and published by OUP Oxford. This book was released on 2014-02-20 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate finance theory seeks to understand how incorporated firms address the financial constraints that affect their investment decisions. This is achieved by using varied financial instruments that give holders different claims on the firm's assets. Recent scholarship in this area explores precisely how legal mechanisms affect corporate finance and the development of financial markets. The legal environment is crucially important in explaining the choices that companies make about their capital structure. This book combines company law, capital market regulation and commercial law to give readers a detailed understanding of the legal and regulatory issues relating to corporate financial transactions. Informed by insights from the theoretical and empirical work of financial economists, the book examines, from a legal perspective, key elements of corporate financing structures and capital markets in the UK. The authors' practical experience of transactions and regulatory issues ensures that thorough scholarly inquiry and critical reflection are complemented by an assured understanding of the interface between legal principles and rules as they are documented and in their actual operation.
Download or read book Principles of Corporate Finance Law written by EILAS. FERRAN and published by Oxford University Press. This book was released on 2023-09-27 with total page 705 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate finance theory seeks to understand how incorporated firms address the financial constraints that affect their investment decisions. This is achieved by using varied financial instruments that seek to give holders different claims on the firm's assets. Recent scholarship in this area has highlighted the critical importance of the legal environment in explaining the choices that companies make about their capital structure. This book combines company law, capital markets law, and aspects of commercial and insolvency law to give readers a detailed understanding of the legal and regulatory issues relating to corporate finance. Informed by insights from theoretical and empirical work, the book examines from a legal perspective the key elements of corporate financing structures and capital markets in the UK. The authors' practical experience of transactions and regulatory issues ensures that thorough scholarly inquiry and critical reflection are complemented by an assured understanding of the interface between legal principles and rules as they are documented and in their actual operation. Key developments covered in this third edition include the post-Brexit adaptation of UK company law and capital market regulation, important new cases on parent company liability in tort, creditor-facing duties of directors, issuer and director liability for misleading statements to the market, alternatives to public market financing, and recent changes in the practice of debt finance.
Download or read book EBOOK Financial Accounting and Reporting An International Approach written by Anne Marie Ward and published by McGraw Hill. This book was released on 2013-03-16 with total page 862 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Accounting and Reporting: An International Approach is an adaptation of McGraw-Hill Australia’s bestselling financial accounting text Australian Financial Accounting by Craig Deegan, authored by Anne Marie Ward of Ulster University. Set within an international context, with a solid grounding in IAS/ IFRS, the book provides students with a detailed grasp of reporting requirements in and accessible and engaging manner. Up to date throughout and complete in theoretical and practical coverage, the book successfully communicates the detail necessary to understand, challenge and critically evaluate financial reporting. The result gives students a strong foundation for current study and their future professional lives.
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
