... 600 Index over an eight-year period, resulting in 3,683 firm-year observations, the study uses computer-aided text analysis to develop a measure that distinguishes between debt covenant-related and efficiency-related APMs. Findings The results suggest that debt covenant-related APMs are positively...

... database, this study tests how dual holdings affect the number of financial debt covenants. Findings This study finds that the presence of dual holders is positively associated with the number of financial covenants in general, suggesting that the use of financial covenants is reduced when...