Matches in SemOpenAlex for { <https://semopenalex.org/work/W7035529> ?p ?o ?g. }
- W7035529 abstract "We examine the impact of credit default swaps (CDS) on debt covenant design. CDS provide creditors with a way to protect their credit exposures in lieu of active monitoring, and they increase creditors’ bargaining power during debt renegotiations. Borrowers with CDS outstanding may in turn demand looser covenants to reduce the likelihood of costly renegotiations with tough creditors. Using contract-level data, we find that debt covenants are less strict if there are CDS contracts referencing the borrower’s debt at the time of loan initiation. This effect is robust to controls for endogeneity and selection bias, and it is stronger if the CDS market is deeper. Consistent with the tradeoffs between the costs and benefits of covenants, the covenant-loosening impact of CDS is concentrated among firms for whom agency and information problems are relatively less severe and those for whom renegotiations are expected to be more frequent. Our findings are consistent with the view that the creditor protection offered by CDS can substitute for protection through covenants, increasing the efficiency of debt contracting" @default.
- W7035529 created "2016-06-24" @default.
- W7035529 creator A5003900641 @default.
- W7035529 creator A5003980543 @default.
- W7035529 creator A5011917328 @default.
- W7035529 creator A5014729561 @default.
- W7035529 creator A5029832311 @default.
- W7035529 creator A5032327821 @default.
- W7035529 creator A5034084187 @default.
- W7035529 creator A5034940557 @default.
- W7035529 creator A5038332513 @default.
- W7035529 creator A5042605885 @default.
- W7035529 creator A5045167993 @default.
- W7035529 creator A5057233052 @default.
- W7035529 creator A5057677588 @default.
- W7035529 creator A5063518886 @default.
- W7035529 creator A5067181841 @default.
- W7035529 creator A5079978898 @default.
- W7035529 creator A5086723146 @default.
- W7035529 date "2014-01-01" @default.
- W7035529 modified "2023-10-01" @default.
- W7035529 title "Do Credit Derivatives Lower the Value of Creditor Control Rights? Evidence from Debt Covenants" @default.
- W7035529 cites W1485135090 @default.
- W7035529 cites W1523000468 @default.
- W7035529 cites W1574884354 @default.
- W7035529 cites W1579112106 @default.
- W7035529 cites W1980599199 @default.
- W7035529 cites W1982438007 @default.
- W7035529 cites W1992868825 @default.
- W7035529 cites W2033427806 @default.
- W7035529 cites W2066365276 @default.
- W7035529 cites W2071308858 @default.
- W7035529 cites W2108897618 @default.
- W7035529 cites W2146306084 @default.
- W7035529 cites W2153401855 @default.
- W7035529 cites W2159522238 @default.
- W7035529 cites W2159862763 @default.
- W7035529 cites W2165037329 @default.
- W7035529 cites W2166726684 @default.
- W7035529 cites W2171247542 @default.
- W7035529 cites W2271674507 @default.
- W7035529 cites W2305643173 @default.
- W7035529 cites W2318607823 @default.
- W7035529 cites W3121207999 @default.
- W7035529 cites W3121274496 @default.
- W7035529 cites W3121577857 @default.
- W7035529 cites W3121797308 @default.
- W7035529 cites W3122332694 @default.
- W7035529 cites W3122713372 @default.
- W7035529 cites W3122720032 @default.
- W7035529 cites W3122853031 @default.
- W7035529 cites W3123041803 @default.
- W7035529 cites W3123147400 @default.
- W7035529 cites W3123163856 @default.
- W7035529 cites W3123180454 @default.
- W7035529 cites W3123937835 @default.
- W7035529 cites W3124108878 @default.
- W7035529 cites W3124125555 @default.
- W7035529 cites W3124173461 @default.
- W7035529 cites W3124183409 @default.
- W7035529 cites W3124374807 @default.
- W7035529 cites W3124516315 @default.
- W7035529 cites W3124536211 @default.
- W7035529 cites W3124650934 @default.
- W7035529 cites W3124780097 @default.
- W7035529 cites W3124833848 @default.
- W7035529 cites W3125577664 @default.
- W7035529 cites W3126055981 @default.
- W7035529 cites W3126112729 @default.
- W7035529 doi "https://doi.org/10.2139/ssrn.2527704" @default.
- W7035529 hasPublicationYear "2014" @default.
- W7035529 type Work @default.
- W7035529 sameAs 7035529 @default.
- W7035529 citedByCount "8" @default.
- W7035529 countsByYear W70355292014 @default.
- W7035529 countsByYear W70355292015 @default.
- W7035529 countsByYear W70355292016 @default.
- W7035529 countsByYear W70355292017 @default.
- W7035529 countsByYear W70355292018 @default.
- W7035529 countsByYear W70355292020 @default.
- W7035529 countsByYear W70355292022 @default.
- W7035529 crossrefType "journal-article" @default.
- W7035529 hasAuthorship W7035529A5003900641 @default.
- W7035529 hasAuthorship W7035529A5003980543 @default.
- W7035529 hasAuthorship W7035529A5011917328 @default.
- W7035529 hasAuthorship W7035529A5014729561 @default.
- W7035529 hasAuthorship W7035529A5029832311 @default.
- W7035529 hasAuthorship W7035529A5032327821 @default.
- W7035529 hasAuthorship W7035529A5034084187 @default.
- W7035529 hasAuthorship W7035529A5034940557 @default.
- W7035529 hasAuthorship W7035529A5038332513 @default.
- W7035529 hasAuthorship W7035529A5042605885 @default.
- W7035529 hasAuthorship W7035529A5045167993 @default.
- W7035529 hasAuthorship W7035529A5057233052 @default.
- W7035529 hasAuthorship W7035529A5057677588 @default.
- W7035529 hasAuthorship W7035529A5063518886 @default.
- W7035529 hasAuthorship W7035529A5067181841 @default.
- W7035529 hasAuthorship W7035529A5079978898 @default.
- W7035529 hasAuthorship W7035529A5086723146 @default.
- W7035529 hasConcept C10138342 @default.