Accounting Information in the Market for Debt

Greg Whittred · Ian Zimmer

84 citations0/0 files storedAccounting and Finance

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Auditing, Earnings Management, Governance Corporate Finance and Governance Accounting Theory and Financial Reporting

Abstract

Abstract: This paper surveys trust deeds supporting listed public debt issues by Australian industrial and commercial companies. It provides evidence on the restrictive covenants and the accounting rules negotiated therein. The survey indicates cross‐sectional variation in the covenants/rules which is related to the nature of the debt. The paper also compares the negotiated rules with mandated accounting standards. As in the U.S. the effect of the negotiated accounting rules is, generally, to reduce management's ability to relax constrictive covenants.

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References

1979On financial contracting 1983The economic consequences of accounting choice implications of costly contracting and monitoring 1983Accounting Information in Private Markets: Evidence from Private Lending Agreements.1981Determinants of the corporate decision to capitalize interest 1983The effects of debt covenants and political costs on the choice of accounting methods 1980Handbook of Financial Economics.

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