کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5087100 1375298 2008 28 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The contracting benefits of accounting conservatism to lenders and borrowers
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
The contracting benefits of accounting conservatism to lenders and borrowers
چکیده انگلیسی
This paper examines the ex post and ex ante benefits of accounting conservatism to lenders and borrowers in the debt contracting process. I expect conservatism to benefit lenders ex post through the timely signaling of default risk, as manifested by accelerated covenant violations, and to benefit borrowers ex ante through lower initial interest rates. Consistent with these predictions, I find that more conservative borrowers are more likely to violate debt covenants following a negative price shock, and that lenders offer lower interest rates to more conservative borrowers.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Accounting and Economics - Volume 45, Issue 1, March 2008, Pages 27-54
نویسندگان
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