Hedge commitments and agency costs of debt: evidence from interest rate protection covenants and accounting conservatism

We provide large sample evidence that credible hedge commitments reduce the agency costs of debt and that accounting conservatism enhances hedge commitments. We examine 2,338 bank loans entered into by 263 mandatory derivative users that are contractually obligated by interest rate protection covena...

Ausführliche Beschreibung

Gespeichert in:

Bibliographische Detailangaben
Veröffentlicht in:	Review of accounting studies 2012-09, Vol.17 (3), p.700-738
Hauptverfasser:	Beatty, Anne, Petacchi, Reining, Zhang, Haiwen
Format:	Artikel
Sprache:	eng
Schlagworte:	Accounting Accounting procedures Accounting/Auditing Business and Management Capitation Collateral Conflicts Conservatism Contracts Corporate Finance Cost control Covenants Default Derivatives Financial reporting Financing Hedging Incentives Interest rate risk Interest rate swaps interest rates Loans Participating loans Public Finance Regression analysis Reviews Stockholders Studies Tax rates
Online-Zugang:	Volltext
Tags:	Tag hinzufügen Keine Tags, Fügen Sie den ersten Tag hinzu!

Schreiben Sie den ersten Kommentar!