Dissertations / Theses on the topic 'Loan contracting'
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MA, Yiu Chung. "CEO compensation and loan contracting." Digital Commons @ Lingnan University, 2011. https://commons.ln.edu.hk/econ_etd/3.
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The agency theory literature implies the pay-performance based managerial compensation can relieve the agency problem between shareholders and managers. As the interests of shareholders and managers are aligned, managers have incentive to invest in best projects and hence to improve firms’ performance. While the use of equity compensation to managers may reduce the agency cost between managers and shareholders, its impact on agency cost of debts is ambiguous. On the one hand, a large portion of equity compensation discourages risk-averse managers to invest in risky investment and hence reduce the credit risk. On the other hand, while the equity compensation brings the interests of managers in alignment to shareholder it may encourage managers to take opportunistic corporate strategies and to exploit the wealth of creditors. As a result, creditors may response to the CEO compensation package by imposing different covenant restrictions according to their perception of the credit risk.
Supported with empirical evidence, this research finds that loan agreement contains more restrictive covenants if the firm’s CEO has a higher portion of option compensation to the total compensation, but contains less restrictive covenants if the firm’s CEO has a higher portion of stock compensation to the total compensation. It implies that creditors view that the increase in the use of option compensation would increase the credit risk of the firm, while the increase in the use of stock compensation would decrease the credit risk. This research also investigates the relation between the CEO option compensation and some specific financial covenants. The finding shows that the use of liquidity covenant and minimum net worth covenant is positively related to the CEO option compensation.
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Jericevic, Sandra Lynne. "Loan contracting and the credit cycle /." Connect to thesis, 2002. http://eprints.unimelb.edu.au/archive/00000737.
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Steffen, Sascha. "The role of private information in financial contracting : evidence from the syndicated loan market /." [S.l. : s.n.], 2007. http://www.gbv.de/dms/zbw/558861342.pdf.
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Stevenson, Bradley Allen. "An Analysis of the Monitoring Ability of Commercial Banks with Two Applications in Loan Contracting." University of Cincinnati / OhioLINK, 2005. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1124278058.
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Record, Matthew Christopher Record. "How the Policymaking Environment Influences Implementation and Outcomes: Service-delivery Processes, Mortgage Lending Access, and Loan Performance in State Housing Agencies." The Ohio State University, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=osu1502816394549949.
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SILVA, NATASHA SOARES MONTEIRO DA. "OPTIMAL CONTRACTING OF TRANSMISSION SYSTEM USAGE AMOUNTS VIA FLEXIBLE STATIC EQUIVALENTS AND PROBABILISTIC LOAD FLOW." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2018. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=36275@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROCOORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
PROGRAMA DE EXCELENCIA ACADEMICA
Na década de noventa, no Brasil, havia uma predominância de empresas verticalizadas no setor elétrico, pertencentes aos governos estaduais e federais, que no decorrer do processo de reestruturação e privatização sofreram uma desverticalização das suas atividades, em geração, transmissão, distribuição e comercialização. Após iniciada a privatização das companhias foi criada a Agência Nacional de Energia Elétrica (ANEEL),responsável por regular as atividades do setor elétrico brasileiro. Estas mudanças acarretaram em diferentes modelos de mercado caracterizados pelo acentuado uso dos sistemas de transmissão. Neste cenário, foi definido pela ANEEL que as concessionárias de distribuição devem pagar às transmissoras pela utilização de suas instalações o Encargo de Uso do Sistema de Transmissão (EUST). Para isso, é necessário informar o Montante de Uso do Sistema de Transmissão (MUST) para cada ponto de conexão e período tarifário por meio do Contrato de Uso do Sistema de Transmissão (CUST). Em caso de ultrapassagem dos valores firmados neste contrato acima de um percentual estipulado, a contratante terá que pagar uma penalidade. Esta dissertação tem por finalidade apresentar uma nova metodologia na determinação do valor ótimo do MUST, baseado em equivalentes estáticos flexíveis, fluxo de potência probabilístico e técnicas de otimização estocástica de modo a equilibrar o custo do transporte de energia e o custo da penalidade. Primeiro, utiliza-se uma técnica de redução de rede, flexível e precisa. Segundo, as incertezas provenientes das cargas, geração e topologia da rede são mapeadas nos pontos de conexão em análise. Terceiro, utiliza-se uma técnica simples de otimização estocástica para obter o MUST a ser contratado, pela distribuidora de energia elétrica, em cada barra de fronteira. Por último, a metodologia proposta é empregada no sistema acadêmico IEEE RTS com o objetivo de demonstrar a sua eficiência sendo os resultados obtidos amplamente discutidos.
In Brazil, during the 1990s, there was a predominance of vertical companies in the electricity sector, belonging to the state and federal governments, which in the course of the restructuring and privatization process suffered a deverticalization of their activities into generation, transmission, distribution, and commercialization. After the beginning of this privatization process, the National Electric Energy Agency (ANEEL) was created, which is responsible for regulating the activities of the Brazilian electricity sector. These changes have led to different market models characterized by the strong use of the transmission systems. In this scenario, it was defined by ANEEL that the distribution concessionaires must pay the transmission companies for the use of their equipment. Thus, it is necessary to inform the Transmission System Usage Amount (MUST) for each connection point and tariff period by means of the Transmission System Use Agreement (CUST). In case of exceeding a specified percentage of the contracted amounts, the contractor will have to pay penalties. This dissertation aims to present a new methodology to determine the optimal value of MUST, based on flexible static equivalents, probabilistic power flow, and stochastic optimization techniques, in order to balance the energy transport and penalty costs. First, a flexible and accurate network reduction technique is used. Second, the uncertainties arising from the load, generation, and topology of the network are mapped at the connection points under analysis. Third, a simple stochastic optimization technique is used to obtain the MUST to be contracted by the electric power distributor at each border bus. Finally, the proposed methodology is used in the IEEE RTS academic system in order to demonstrate its efficiency, and the obtained results are widely discussed.
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Lai, Pai-Wei. "A Framework for Performance Optimization of TensorContraction Expressions." The Ohio State University, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=osu1408968185.
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Zinoubi, Sana. "Exercices et entraînement en co-contractions isométriques volontaires des muscles agonistes- antagonistes : facteurs d'influence." Thesis, Paris 10, 2015. http://www.theses.fr/2015PA100187/document.
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L’objectif général de la présente thèse était d’étudier les effets et les facteurs d’influence des exercices et des programmes d’entraînement consistant en la co-contraction maximale isométrique volontaire (CCMIV) de l’articulation du coude : effet de l’entraînement en CCMIV sur la force explosive (Etude A), influence de l’heure habituelle d’entraînement (Etude B) et de charges additionnelles pendant les CCMIV (Etude C). Les résultats ont montré que 6 semaines d’entraînement en CCMIV peuvent améliorer simultanément la force maximale volontaire des muscles sans altération de la force explosive (Etude A et B) et indépendamment de l’heure habituelle d’entraînement (Etude B). Ces gains de force s’accompagnaient d’une augmentation de l’activité électromyographique des muscles agonistes (Etude A et B). Cependant, les résultats de l’étude B suggèrent que l’entraînement le matin s’accompagne d’un meilleur gain de la force musculaire, masquant ainsi les différences de force entre le matin et le soir. Par ailleurs, l’étude C a montré qu’une charge additionnelle (50% FMV) associée à une CCMIV modifie le pattern d’activation des muscles agonistes-antagonistes : augmentation du niveau d’activation des muscles agonistes et diminution de celui des antagonistes. Par conséquent, un programme d’entraînement en CCMIV avec charge additionnelle devrait comprendre des exercices avec charge pour les fléchisseurs et les extenseurs. De plus, les résultats de l’étude C suggèrent que le concept du fléchisseur équivalent pourrait être appliqué non seulement quand les fléchisseurs agissent comme agonistes mais aussi quand ils agissent comme antagonistesThe aim of the present thesis was to study the effects and the influencing factors during the elbow joint maximal isometric voluntary co-contractions (MIVCC) exercises and training program: effect of the MIVCC training on the explosive force (Study A), influence of the time-of-day at which training was scheduled (Study B) and additional load during MIVCC (Study C). The results showed that six weeks of MIVCC training can simultaneously improve the maximum voluntary force, without altering the explosive force (Study A and B) and independently of the time-of-day at which training was scheduled (Study B). These improvements were accompanied by an increase in electromyography activity of agonist muscles (Study A and B). However, the results of study B suggest that morning training is accompanied by a higher strength improvement, by masking the strength differences between the morning and evening. Furthermore, the study C showed that additional load (50% MVF) associated with MIVCC modifies the activation pattern of the agonist-antagonist muscles: by increasing the activation level of the agonist muscles and decreasing the co-activation level of the antagonist muscles. Therefore, MIVCC training program with additional load should include exercises with load for flexor and extensor muscles. In addition, the results of the study C suggest that the concept of “flexor equivalent” may be applied not only when the flexor muscles acting as agonist but also when they acting as antagonist muscles
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Kang, Di. "TWO ESSAYS ON NONBANK FINANCIAL INSTITUTIONS." UKnowledge, 2014. http://uknowledge.uky.edu/finance_etds/3.
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Evidence shows that nonbanks, which are now significant participants in the corporate loan market, exploit information gained from lending to trade in public securities. In the first essay, I examine whether these institutions use loan-based information to facilitate merger and acquisition (M&A) deals. I find that firms are more likely to become targets if they borrow from nonbanks rather than banks. Borrowing from a larger number of nonbanks or from those with a sizeable client network also enhances a firm’s acquisition prospects. When nonbanks gain more information about borrowers through loan amendments or multiple loans, the impact of nonbank lending grows stronger. I also identify three channels that might allow nonbanks to exploit loan-based information in the M&A market.
In the second essay, I focus on the difference in covenant structure between nonbank loans and bank loans. Previous studies show that loans to riskier borrowers are more likely to have stronger financial covenants in order to mitigate agency problems and conflicts of interest between debt and equity holders. Interestingly, I find that nonbanks loans have fewer, less restrictive financial covenants than commercial banks, all else equal. Although the prior literature shows that banks play an active role in corporate governance following covenant violations, I find that nonbanks are less likely to intervene in borrowers’ decision making in similar circumstances. Nonbank borrowers are significantly more likely than bank clients to experience severe financial distress.
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Thoma, Louise M. "Muscle Co-Contraction, Joint Loading, and Fear of Movement in Individuals with Articular Cartilage Defects in the Knee." The Ohio State University, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=osu1452114145.
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Butt, Aamir S. "Finite element analysis of Y and YU type contraction joints for concrete pavements using steel dowels as load transfer devices." Ohio : Ohio University, 1991. http://www.ohiolink.edu/etd/view.cgi?ohiou1183654719.
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Butt, Aamir S. "Finite element analysis of Y and YU type contraction joints for concrete pavements using steel dowels as load transfer devices." Ohio University / OhioLINK, 1990. http://rave.ohiolink.edu/etdc/view?acc_num=ohiou1183654719.
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Bartkutė, Rasma. "Nenutrūkstamų izometrinių susitraukimų tikslumo ir stabilumo valdymo ypatumai." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2010~D_20100526_144319-97575.
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Darbo tikslas - nustatyti nenutrūkstamų izometrinių susitraukimų tikslumo ir stabilumo valdymo ypatumus. Tyrimo metu kelti šie uždaviniai: 1) nustatyti ir palyginti vaizdinės grįžtamosios informacijos (VGI) ir skirtingos procentinės jėgos (SPJ) įtaką nenutrūkstamo izometrinio susitraukimo tikslumui, stabilumui ir raumenų (agonisto ir antagonisto) elektriniam aktyvumui; 2) nustatyti ir palyginti mokymosi ir potencijuojamojo krūvio įtaką nenutrūkstamo izometrinio susitraukimo tikslumui ir stabilumui. Buvo tiriami jauni, fiziškai aktyvūs vyrai (n = 8; amžius 20,0 ± 1,5 m, ūgis 182,4 ± 6,5 cm; kūno masė 73,0 ± 5,7 kg, KMI kūno masės indeksas 22,0 ± 1,7 kg/m2 (vid. ± S). Pirmojo tyrimo metu tiriamieji atliko 20%, 50% ir 70% nuo MVJ nenutrūkstamus izometrinius susitraukimus (NIS). Tiriamieji atliko 2 NIS su ir be VGI. NIS truko 13 s, tačiau buvo analizuojami tik paskutinių 10 s duomenys, nes per pirmas 3 s tiriamiesiems buvo leidžiama pasiekti reikiamą jėgą nuo MVJ ir ją išlaikyti likusias 10 s.
Antrojo tyrimo metu tiriamieji atliko tokius pačius NIS kaip ir pirmojo tyrimo metu 20% jėga nuo MVJ. Tiriamieji po su VGI ir be jos atliktų NIS atliko rankos raumenų potenciaciją, kurios metu turėjo padidinti rankos lenkimo jėgą iki maksimumo ir ją išlaikyti 10 s. Pailsėję 10 s vėl atliko NIS be VGI. Visas tyrimas buvo pakartotas po 9 - erių mokymosi pratybų, kai per pratybas tiriamieji buvo mokomi atlikti greitus ir tikslius izometrinius susitraukimus 20% jėga nuo MVJ kas antrą dieną su... [toliau žr. visą tekstą]Research aim was to establish the peculiarities of control of the accuracy and the stability of continuous isometric muscle contractions. Objectives: 1) to establish and compare effect of visual feedback on the accuracy, stability and muscle activity of continuous isometric contractions performed with different strength; 2) to establish and compare effect of learning on the dependence of accuracy and stability of a continuous isometric contraction on muscle potentiation. The subjects studied were healthy, physically active men (n = 8; age 20.0 ± 1.5 m, height 182.4 ± 6.5 cm; body mass 73.0 ± 5.7 kg, body mass index 22.0 ± 1.7 kg/m2 ( ±SD). In experiment 1, the subjects performed CIC at 20%, 50% and 70% force of MVC. The subjects performed two series of CIC – first with visual feedback information (VFI), second – without VFI. The duration of each series was 13 sec. In experiment 2, the subjects performed the same CIC at 20% force of MVC. The subjects after two series of CIC (first with VFI, second – without VFI), done potentiation load (PL), when they had to achieve maximal force and it maintain 10 sec. After 10 sec rest the subjects performed CIC without VFI. All the experiment was repeated after 9 training series. In training series, they were learning speeds – accuracy isometric contractions at 20% force of MVC. Absence of visual feedback information worsening in the accuracy of performing CIC at all forces of MVC. We have established that there is a significant... [to full text]
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Wahlström, Jens. "Physical load, psychosocial and individual factors in visual display unit work /." Stockholm : Arbetslivsinstitutet, 2003. http://ebib.arbetslivsinstitutet.se/ah/2003/ah2003_10.pdf.
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Burg, Valentin. "Three essays on managerial behavioral biases." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2015. http://dx.doi.org/10.18452/17235.
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Die vorliegende Arbeit untersucht in welchem Ausmaß Manager Optimismus finanzielle Entscheidungen von Unternehmen beeinflusst. Der erste Teil der Dissertation analysiert den Einfluss von Optimismus auf die Ausgabe von Fremdkapital. Optimistische Manager überschätzen die zukünftigen Erfolgsaussichten ihrer Firma. Daher könnten sie Verträge bevorzugen, die die Kuponzahlungen an die zukünftige Entwicklung des Kreditrisikos koppeln (sogenannte PSD Verträge). Diese Hypothese wird empirisch bestätigt. Ein weiteres Ergebnis der empirischen Analysen ist, dass in Firmen mit optimistischen Managern die Kreditqualität nach Ausgabe von PSD sinkt. Der zweite Teil untersucht den Zusammenhang zwischen Manager Optimismus und Spekulation mit Finanzderivaten in Unternehmen. Optimistische Manager, die ihre Fähigkeiten generell überschätzen, könnten irrtümlicherweise denken, dass sie mit Hilfe von Derivaten in der Lage sind den Markt zu schlagen und abnormale Renditen zu erzielen. Die Studie untersucht Derivatetransaktionen von Goldproduzenten in Nordamerika. Diese Industrie ist besonders interessant durch die ausführliche Ausweisung der Derivatepositionen und durch das klare Exposure zum Goldpreisrisiko. Das Ergebnis der Studie bestätigt die Hypothese dass optimistische Manager in größerem Ausmaß spekulieren und mit den Spekulationen letztendlich Verluste produzieren. Der letzte Teil der Arbeit untersucht die Auszahlungspolitik von Firmen mit optimistischen Managern. Optimistische Manager überschätzen durch ihre verzerrte Wahrnehmung den Wert der Firma und sollten daher eher zu Aktienrückkäufen als zu Dividendenzahlungen neigen. Die empirischen Ergebnisse der Arbeit bestätigen diese Voraussage. Optimistische Manager ersetzen Dividenden mit Aktienrückkäufen, das absolute Niveau der Auszahlungen unterscheidet sich jedoch nicht zwischen Firmen mit optimistischen und rationalen Managern.This work analyses the impact of managerial optimism on financial policies of firms. The first part investigates the effect of optimism on debt contract design. Optimistic managers overestimate the credit quality of their firms and should be more likely to issue debt contracts that link coupon payments to the future credit risk of their firms (PSD contracts). This prediction is confirmed empirically. Further, firms with optimistic managers that issue PSD experience future deteriorations in their credit quality. The second part analyses the relation between managerial optimism and corporate speculation with financial derivatives. Optimistic managers overestimate their abilities and should be more likely to time markets because they believe that they have superior market timing abilities. The study uses data on North American gold producers because these firms disclose detailed data on their derivative positions and have a clear exposure to the gold price. The empirical results confirm the prediction that optimistic engage in more speculation with financial derivatives and that the cash flow resulting from speculation is lower relative to firms with rational managers. The last past analyses the relation between managerial optimism and a firm’s payout policy. As a consequence of their biased beliefs, optimistic managers perceive their firm’s equity as undervalued and should therefore be more likely to prefer share repurchases over cash dividends. The empirical analyses confirm this prediction: Firms with optimistic managers use more share repurchases relative to firms with rational managers. However, the total amount of payouts does not differ between firms with optimistic and rational managers.
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Che-IKan and 甘哲禕. "Customer Satisfaction and Bank Loan Contracting." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/4q3vm5.
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碩士國立成功大學
會計學系
104
This research examines whether customer satisfaction is related to bank loans, as measured by the loan spread. Prior articles find that higher customer satisfaction relates to greater financial performance, steadier future cash flow, and lower cost of debt financing. To test our hypotheses, this research employs the American Customer Satisfaction Index (ACSI) database during the period from 1994 to 2015. Furthermore, this paper controls some factors which are associated with bank loan contracting, such as loan and firm-specific characteristics. The results indicate that firms with higher customer satisfaction have lower bank loan spread, and thus a lower cost of debt. However, this association between customer satisfaction and bank loan spread is attenuated by the intensity of industry competition. The results also show that higher customer satisfaction is connected with a lower requirement for security and less financial and general covenants.
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Nien-YiLee and 李念怡. "Cost Stickiness and Bank Loan Contracting." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/266e28.
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碩士國立成功大學
會計學系
105
Motivated by recent literature regarding that firm’s asymmetric cost behavior brings to several economic effects. This paper offers the evidence that banks will take firm’s sticky costs into consideration when pricing bank loans. To be more specific, firms with stickier cost are charged at higher loan spreads. This finding is consistent with the argument that greater decrease in cash flows due to sticky costs (when sales decline) increases the downside distribution of profit streams, thereby resulting in higher default risk. The results also indicate that the impact of cost stickiness is weaker in situations where there is a positive growth prospect about a firm’s future. Since bank loan is a major source of corporate financing for publicly traded firms, the results have important implications on our understanding of the economic consequences of asymmetric behavior of costs.
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Chen, Tzu-Wen, and 陳資雯. "Earnings Management and Bank Loan Contracting." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/70155613379720708533.
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碩士國防大學管理學院
財務管理學系
101
Taiwanese banks have been flourishing in the growing global economy. Consequently, syndicated loans are becoming a vital bank service. In addition to generating profit, this service is a crucial factor when evaluating whether a bank has the capacity to develop internationally. Earnings management has been a popular topic in modern finance; investors perceive the earnings quality of firms as vital information. In this study, we focused on syndicated loan cases in Taiwan. We used 1,001 companies listed in Taiwan Stock Exchange as samples to examine the relationship between corporate earnings management and the conditions set forth in syndicated banking loans. The results of this study expand the knowledge regarding factors that influence how financial institutions employ certain terms in syndicated loan contracts and how they conditions for these contracts are determined.
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Jhang, Yi-Hao, and 張翊毫. "Disclosure quality and loan contracting: Evidence from East Asian syndicated loan markets." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/395fkg.
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碩士國立政治大學
會計學系
107
In this paper, I examine whether and how a firm’s disclosure quality of financial statements is associated with the terms of loan contracts. Following the parsimonious disclosure quality measure (DQ) constructed by Chen, Miao, and Shevlin (2015) which captures the disaggregation level of accounting line items, I find that banks provide higher spreads and more stringent non-price terms to firms with lower DQ. Moreover, I examine the effect of DQ on legal traditions of common law and civil law, I find that firms providing less disaggregated financial statements receive unfavorable loan spreads in countries of civil law origins. Additional analyses reveal that borrowers with low DQ receive unfavorable loan spreads, smaller loan amounts, and shorter maturities when foreign banks are involved in lending. Besides, I find that the size of syndicate becomes larger when lending to borrowers with lower DQ. To conclude, my findings suggest that the incremental information in DQ is valuable to banks in determining loan contract terms.
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Wu, Tzu-Yun, and 吳芷昀. "Stock Price Crash Risk and Bank Loan Contracting." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/k8cebs.
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碩士國立中央大學
財務金融學系
107
This paper intends to examine the association between company’s stock price crash risk and bank loan contracting. Precedent research discusses the relationship between company’s financial data, such as company’s size and profitability, and bank loan contracting. However, there is no discussion about the relationship between firms’ stock price crash risk and loan conditions. Thus, by collecting data from Compustat, DealScan and CRSP from 1994 to 2013, we use three measures capturing company’s stock price crash risk and four features capturing all aspects of loan contracting. We find out (1) company with higher stock price crash risk only make bank loan with shorter maturity. (2) the effect of company’s stock price crash risk on the contractual terms of loans does not significantly be affected when this company has prior lending relationships with the lead banks than when it has no such prior lending relationship. (3) the effect of company’s stock price crash risk on the loan maturity is more pronounced when the company is from low concentrated industry.
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Cheng, Han-Wen, and 鄭涵文. "The Associations between Accounting Standard Relevance and Loan Contracting-Evidences from U.S. Syndicated Loan Market." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/qw4s9t.
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碩士國立東華大學
會計與財務碩士學位學程
105
This study examines the associations between accounting standard relevance and loan contractual terms (interest rate, financial covenants, and collateral). Utilizing the sample from U.S. syndicated loan market during years 1990 to 2005, empirical results indicate that the extent of accounting standard relevance is positively associated with loan spreads, and negatively associated with the use of accounting-based financial covenants. My findings imply that the accounting standard relevance reduces the role of contractibility of financial statement and provide policy implication for regulators, in particular FASB and IASB.
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Li, Sheng-Sian, and 李勝賢. "The Associations between Modified Audit Opinion and Bank Loan Contracting." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/93926871442319744441.
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碩士國立東華大學
會計與財務碩士學位學程
104
This study is to examine whether audit opinions provide information for lenders to design loan contractual terms. First, using loan contracts issued by Taiwan listed firms during years 2000 to 2009, we find that, compared with loans issued in the year after a unqualified opinion, loans issued in the year after modified audit opinions (MAOs) are related to higher interest tares, more financial covenants, and a higher likelihood of requiring collateral. Second, when restricting loans issued in the year after a MAO, we find that loans issued after MAOs with “emphasis of matter” or MAOs with multiple reasons in the explanatory language are unrelated to loan spreads, financial covenants or collateral. In sum, our results suggest that modified audit opinions contain limited information related to borrowers’ credit quality.
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Lin, Meng-De, and 林孟德. "The Associations between Accounting Standard Reliability and Bank Loan Contracting." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/52362270562287520442.
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碩士國立東華大學
會計與財務碩士學位學程
103
This study aims to examine the associations between loan contractual terms and accounting “reliability”. Our sample consists of bank loan contracts issued by U.S. listed firms during years 2000 to 2007. The empirical results indicate that banks use less accounting-based financial covenants and increase collateral when accounting standards decrease “reliability”. Our results imply that the necessity for reliable accounting from the viewpoint of contracting role and should be of interest to standard-setters and policy makers.
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Sie, Meng-Chen, and 謝孟宸. "The Effects of Bank Loan Contracting on IFRS Reconciliations: Evidences from Taiwan." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/j9eevk.
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碩士國立東華大學
會計與財務碩士學位學程
105
The purpose of this study is to examine whether a one-time and first-time transition to a new accounting standard, International Financial Reporting Standards (IFRS) is the scope for company that involve in financing from bank debt to change the accounting method for a favorable reporting to respond its provision of bank debt contracts. This paper hypothesizes that company with higher magnitude of deal amount on bank debt or bank debt includes covenants will have a greater incentive through accounting policy change for a favorable reporting number in order to comply with the debt covenants. In this paper utilizes three covenants: (1) financial covenant (2) performance pricing provision (3) requirement of providing collateral to measure whether these covenants will affect company through the flexibility under first-time adoption of IFRS to engage in choosing a favorable accounting policy which result in a positive reconciliation. The main testing sample is from Taiwan listed firms with bank debt contract, the financial data come from TEJ database, and bank debt data is stem from Dealscan database. The findings in this paper show that the magnitude of deal amount and bank debt contract with financial covenant will affect company to involve in choosing a favorable accounting policy which results in a positive reconciliation to increase the reporting number in order to comply with the bank debt contract. Keywords:
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Yang, Ting-Yun, and 楊庭昀. "The Association between Supply Chain Auditors and Private Loan Contracting: Evidence from Taiwan." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/9jngta.
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碩士國立東華大學
會計與財務碩士學位學程
106
The study examines the association between auditors’ supply chain knowledge and loan contractual terms. Using the sample from Taiwan listed firms during years 2000 to 2010. The empirical findings indicate that, first, auditors’ supply chain knowledge do not effect interest spreads and the usage of financial covenants. Second, compared to auditors without supply chain knowledge, auditors’ supply chain knowledge leads to collateral requirements and shorter maturity. Third, if the auditor quality of supply chain auditor is proxied by the partner level, results are mostly remain the same, except for maturity. Overall, these findings imply that auditors’ supply chain knowledge significant influence non-price terms of syndicated loans.
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Li, Chia-Hsin, and 黎佳欣. "The Association between Fair Value Conservatism and Private Loan Contracting: Evidence from Taiwan." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/k76pjp.
Full textAbstract:
碩士國立東華大學
會計與財務碩士學位學程
106
The objective of this paper is to investigate whether fair value conservatism measurements affect loan contractual terms (spreads, financial covenants, collateral and maturity). Existing literature suggests that firms holding higher proportions of financial instruments measured at Level 2 and Level 3 fair value report more conditionally conservative accounting numbers(Badia, Duro, Penalva, and Ryan 2017; Black, Chen, and Cussatt 2017). Based on a sample of loan contracts issued by Taiwan listed firms, empirical results show that the extent of fair value conservative accounting numbers measured at Level 2 and Level 3 are negatively associated with loan spreads. Besides, the extent of fair value conservatism has no impact on the usage of financial covenants, the assignment of collateral and the length of loan maturity.
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Tsai, Chin-Ling, and 蔡金陵. "Effectiveness Assessment for the Best Contracting Capacity of Power Load." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/74147906855650268244.
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Bosch, Oliver. "Essays on financial economics : the role of information asymmetry in dept contracting ; evidence from syndicated loans /." 2007. http://www.gbv.de/dms/zbw/558853692.pdf.
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Liu, Chen. "THREE ESSAYS IN CORPORATE FINANCE AND FINANCIAL INSTITUTIONS." Thesis, 2014. http://hdl.handle.net/1974/12239.
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This thesis conducts empirical studies related to financial institutions and corporate finance. Specifically, I look at banks’ lending behavior, performance of leveraged buyouts (LBOs), and the cultural impact on cross-border LBOs. Following an introduction in Chapter 1, in Chapter 2, I study U.S. commercial banks’ herding behavior in their domestic loan decisions, where herding is defined as the extent to which banks deviate from the industry average lending decisions and collectively increase or decrease loans to certain categories. I find significant evidence that herding exists and that banks tend to herd more when the economic condition is less favorable, regulation is tight, and when banks are struggling . Overall, these findings support the hypotheses of information asymmetry and regulatory arbitrage as motivations for herding.
Chapter 3 provides a comprehensive study of LBO deal characteristics, participants’ involvement, and their impact on target firms’ performance. I find that better post-buyout operating performance is associated with larger amounts of leverage added during the LBO process, tighter LBO loan covenants, and equity contribution by target firms’ incumbent management. LBOs are more likely to exit through an IPO or a sale if they use more bank debt with tighter covenants and are sponsored by private equity (PE) firms of high reputation. These results suggest that the main source of value creation in LBOs is the reduced agency costs through the disciplining effect of debt, closer monitoring by lenders, and the better aligned management incentives. PE reputation is also important in ensuring successful deal outcomes.
Chapter 4 (co-authored) examines the impact of cultural differences between PE firms and target firms on the completion of cross-border LBOs. We find that cultural distance between PE and target firms reduces the likelihood of buyout completion and increases the time between buyout announcement and completion. We also find that club deals moderate the negative (positive) impact of cultural distance on the likelihood (the duration) of LBO completion. This mitigation effect is through the increased familiarity channel of club formation. Our findings contribute to the literature that underscores the importance of culture in economic outcomes.Thesis (Ph.D, Management) -- Queen's University, 2014-06-24 08:59:00.0