Direct Evidence on the Informational Properties of Earnings in Loan Contracts
Using a sample of firms that disclose the realizations of earnings used for determining covenant compliance in loan contracts, we provide the first direct evidence on the informational properties of earnings used in the performance covenants included in debt contracts. We find that the earnings meas...
| Main Authors: | , , |
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| Format: | Article |
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Wiley Blackwell
2019
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| Online Access: | http://hdl.handle.net/1721.1/120753 https://orcid.org/0000-0002-2221-5198 |