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- W1585672034 abstract "We investigate an unexplored channel — loss given default — through which accounting information can shape the design of debt contracts. Using a sample of defaulted bonds, we find that borrower accounting measures available at contract initiation possess significant power for predicting realized loss given default at the subsequent default date. We then use this prediction model to construct an accounting-based measure of expected loss given default at the contracting date for a large sample of bond issuances. We find that this measure is positively associated with the issuance date interest spread and covenant use. We further document that the relation between accounting-based expected loss given default and contract terms is not an artifact of its potential association with probability of default. Our results increase our understanding of both the informational role and contracting role of accounting information." @default.
- W1585672034 created "2016-06-24" @default.
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- W1585672034 date "2011-01-01" @default.
- W1585672034 modified "2023-10-18" @default.
- W1585672034 title "Debt Contracts, Loss Given Default and Accounting Information" @default.
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- W1585672034 doi "https://doi.org/10.2139/ssrn.1903721" @default.
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