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The roll of accounting in debt contract renegotiations : evidence from positive shocks

Author(s)
Zheng, Kexin, Ph. D. Massachusetts Institute of Technology
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Other Contributors
Sloan School of Management.
Advisor
Joseph Weber.
Terms of use
M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582
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Abstract
Using a hand-collected sample of private debt contracts between U.S. publicly traded firms and financial institutions, I examine the role of accounting in the renegotiation of debt contracts following a positive shock to the borrower's credit quality. I find that, following a positive shock to their credit quality, firms with more timely reporting of good news are more likely to renegotiate their loan contracts and they do so sooner than firms with less timely good news reporting. Further, these effects are more pronounced for firms whose positive shocks can be more credibly communicated through financial reporting. My paper contributes to the literature on the role of accounting information in debt contract renegotiations.
Description
Thesis: Ph. D., Massachusetts Institute of Technology, Sloan School of Management, 2014.
 
Cataloged from PDF version of thesis.
 
Includes bibliographical references (pages 39-44).
 
Date issued
2014
URI
http://hdl.handle.net/1721.1/97865
Department
Sloan School of Management
Publisher
Massachusetts Institute of Technology
Keywords
Sloan School of Management.

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