The Role of Bond Covenants and Short-Term Debt: Evidence from Brazil

The Role of Bond Covenants and Short-Term Debt: Evidence from Brazil

This paper examines the role of financial covenants as substitutes for short-term debt and a possible trade off between short-term debt and long-term debt, especially for companies with growth opportunities. Using a sample of 159 corporate bonds issued on the Brazilian Market, we found evidence that...

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Bibliographic Details
Main Authors: Vinícius Augusto Brunassi Silva, Richard Saito, Fernando Carvalhaes Barbi
Format: Article
Language:English
Published: Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD) 2013-07-01
Series:BAR: Brazilian Administration Review
Subjects:
covenants
agency conflict
short-term debt
growth opportunities and leverage.
Online Access:http://www.anpad.org.br/periodicos/arq_pdf/a_1413.pdf

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