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The market response to implied debt ...

Stice, Derrald Earl, II.

The market response to implied debt covenant violations.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	The market response to implied debt covenant violations.
作者:	Stice, Derrald Earl, II.
面頁冊數:	58 p.
附註:	Source: Dissertation Abstracts International, Volume: 72-10, Section: A, page: .
附註:	Adviser: Jeffery Abarbanell.
Contained By:	Dissertation Abstracts International72-10A.
標題:	Business Administration, Accounting.
電子資源:	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.
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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.
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