Event risk covenants, design parameters and agency issues: a comparative study of high yield versus investment grade bonds
We analyse security design parameters of 1,115 high yield (HY) and investment grade (IG) event risk covenants (ERC) protected issues between 1986 and 2012 from the agency conflict perspective. We find positive and significant stock price reaction to the issuance of HY but not the IG issues. Although...
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| Format: | Article |
| Language: | English |
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Vilnius Gediminas Technical University
2018-12-01
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| Series: | Business: Theory and Practice |
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| Online Access: | https://journals.vgtu.lt/index.php/BTP/article/view/8147 |