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Keywords: loan covenants
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Journal Articles
Journal of Law, Finance and Accounting (2018) 3 (2): 373–411.
Published: 21 December 2018
...Bo Li; Lynnette Purda; Wei Wang This paper studies the effect of senior lender control, as measured by bank loan covenants, on the pricing of new bond issues. We find a U-shaped relation between the number of financial covenants on a firm’s loan contract and the bond yield spread. Our results...

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