國立高雄大學圖資館 |

Language: English

Back

The market response to implied debt ...

Stice, Derrald Earl, II.

The market response to implied debt covenant violations.

Record Type:	Electronic resources : Monograph/item
Title/Author:	The market response to implied debt covenant violations.
Author:	Stice, Derrald Earl, II.
Description:	58 p.
Notes:	Source: Dissertation Abstracts International, Volume: 72-10, Section: A, page: .
Notes:	Adviser: Jeffery Abarbanell.
Contained By:	Dissertation Abstracts International72-10A.
Subject:	Business Administration, Accounting.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3465219
ISBN:	9781124769325

The market response to implied debt covenant violations.
Stice, Derrald Earl, II.

The market response to implied debt covenant violations. - 58 p.

Source: Dissertation Abstracts International, Volume: 72-10, Section: A, page: .

Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2011.

Previous research documents a negative stock price reaction to the announcement of debt covenant violations. I find evidence that investors price the likelihood of an earnings-based debt covenant violation on the date firms report earnings. Furthermore, I find no evidence of a negative stock price reaction to the announcement of an actual debt covenant violation when there was high likelihood of such a violation implied by previous reported earnings. My results suggest that the cost of debt covenant violations in the cross-section is higher than estimated in the previous literature.

ISBN: 9781124769325Subjects--Topical Terms:

227519
Business Administration, Accounting.

The market response to implied debt covenant violations.
LDR:01787nmm 2200349 4500 001 309765
005 20111105132510.5
008 111212s2011 ||||||||||||||||| ||eng d
020 $a 9781124769325
035 $a (UMI)AAI3465219
035 $a AAI3465219
040 $a UMI $c UMI
100 1 $a Stice, Derrald Earl, II. $3 531129
245 1 4 $a The market response to implied debt covenant violations.
300 $a 58 p.
500 $a Source: Dissertation Abstracts International, Volume: 72-10, Section: A, page: .
500 $a Adviser: Jeffery Abarbanell.
502 $a Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2011.
520 $a Previous research documents a negative stock price reaction to the announcement of debt covenant violations. I find evidence that investors price the likelihood of an earnings-based debt covenant violation on the date firms report earnings. Furthermore, I find no evidence of a negative stock price reaction to the announcement of an actual debt covenant violation when there was high likelihood of such a violation implied by previous reported earnings. My results suggest that the cost of debt covenant violations in the cross-section is higher than estimated in the previous literature.
590 $a School code: 0153.
650 4 $a Business Administration, Accounting. $3 227519
650 4 $a Economics, General. $3 212429
690 $a 0272
690 $a 0501
710 2 $a The University of North Carolina at Chapel Hill. $b Business Administration. $3 531130
773 0 $t Dissertation Abstracts International $g 72-10A.
790 1 0 $a Abarbanell, Jeffery, $e advisor
790 1 0 $a Abarbanell, Jeffery $e committee member
790 1 0 $a Bushman, Robert $e committee member
790 1 0 $a Hand, John $e committee member
790 1 0 $a Landsman, Wayne $e committee member
790 1 0 $a Roulstone, Darren $e committee member
790 1 0 $a Stubben, Stephen $e committee member
790 $a 0153
791 $a Ph.D.
792 $a 2011
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3465219