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You searched for +publisher:"Penn State University" +contributor:("Marie Therese Reilly, Committee Member"). Showing records 1 – 2 of 2 total matches.

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Penn State University

1. Bozanic, Zahn. THE ROLE OF ACCOUNTING-BASED FINANCIAL COVENANTS IN PREVENTING SUBSTANTIVE DEFAULTS OF PUBLIC DEBT.

Degree: 2011, Penn State University

This paper hypothesizes that the presence of accounting-based financial (ABF) covenants in public debt will have an impact on a lender's ability to monitor and the borrower's response to enhanced monitoring, leading to a reduced likelihood of substantive defaults. Because of the relative ease of their monitoring, ABF covenants may serve to increase the frequency of technical defaults. It is hypothesized, however, that this same characteristic of ABF covenants would reduce the likelihood of substantive default since the presence of ABF covenants provides an incentive mechanism for managers of firms to take actions ahead of technical default to prevent acceleration and bankruptcy. The evidence presented is consistent with this hypothesis: the presence of ABF covenants increases the probability of renegotiation and thus reduces the probabilities of substantive default and credit rating downgrade in below investment grade debt. Further, this reduction is positively associated with the extent of the quality of the firm's information environment and financial reporting. Additional evidence provided shows that the presence of ABF covenants reduces initial offering yields. The findings of the paper have implications for public debt contract design and are therefore relevant to contracting parties in terms of i) enhancing the ability of lenders to assess risks and recover investment and ii) lowering the cost of debt and reducing the likelihood of bankruptcy for borrowers. Advisors/Committee Members: Karl A Muller Iii, Dissertation Advisor/Co-Advisor, Dan Givoly, Committee Member, Paul David Fischer, Committee Chair/Co-Chair, Karl A Muller Iii, Committee Chair/Co-Chair, Orie Edwin Barron, Committee Member, Marie Therese Reilly, Committee Member.

Subjects/Keywords: consent solicitations; bonds; covenants; Public debt; contracts; monitoring; renegotiation; default; credit ratings; financial reporting quality

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Bozanic, Z. (2011). THE ROLE OF ACCOUNTING-BASED FINANCIAL COVENANTS IN PREVENTING SUBSTANTIVE DEFAULTS OF PUBLIC DEBT. (Thesis). Penn State University. Retrieved from https://submit-etda.libraries.psu.edu/catalog/12405

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

Bozanic, Zahn. “THE ROLE OF ACCOUNTING-BASED FINANCIAL COVENANTS IN PREVENTING SUBSTANTIVE DEFAULTS OF PUBLIC DEBT.” 2011. Thesis, Penn State University. Accessed April 11, 2021. https://submit-etda.libraries.psu.edu/catalog/12405.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

Bozanic, Zahn. “THE ROLE OF ACCOUNTING-BASED FINANCIAL COVENANTS IN PREVENTING SUBSTANTIVE DEFAULTS OF PUBLIC DEBT.” 2011. Web. 11 Apr 2021.

Vancouver:

Bozanic Z. THE ROLE OF ACCOUNTING-BASED FINANCIAL COVENANTS IN PREVENTING SUBSTANTIVE DEFAULTS OF PUBLIC DEBT. [Internet] [Thesis]. Penn State University; 2011. [cited 2021 Apr 11]. Available from: https://submit-etda.libraries.psu.edu/catalog/12405.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Bozanic Z. THE ROLE OF ACCOUNTING-BASED FINANCIAL COVENANTS IN PREVENTING SUBSTANTIVE DEFAULTS OF PUBLIC DEBT. [Thesis]. Penn State University; 2011. Available from: https://submit-etda.libraries.psu.edu/catalog/12405

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation


Penn State University

2. Hennes, Karen M. The Reporting of Contingent Legal Liabilities: Employment Discrimination Lawsuits.

Degree: 2008, Penn State University

The reporting of contingent legal liabilities is an area where financial reporting standards conflict with legal strategy and policy. There are legal costs associated with the disclosure of pending litigation that make firms reluctant to fully disclose their assessment of legal contingencies. I investigate pending-litigation disclosures in 10-Ks for evidence that current contingent legal liability disclosures convey contingency valuation information to investors or whether the legal environment drives firms to provide only formulaic disclosures with little or no useful information. I find that firms rarely disclose an estimate (either point or range) of the magnitude of the potential loss from litigation. However, I find that textual statements (or the lack thereof) regarding the accrual status of the contingency, the potential materiality of the loss, and the firm's willingness to settle can all be used to form a meaningful prediction of the likelihood of loss in a given suit. I also find that my predicted probability of loss derived from the financial statements is weakly correlated with the market's expected probability of loss, which is consistent with the market using the SFAS 5 disclosures or similar information. These results suggest that the observed compromise between reporting requirements and legal incentives does contain some information relevant and useful for evaluating the loss contingency. This evidence on the strengths and weaknesses of current practice provides investors and standard-setters with a necessary baseline for assessing the potential impact of upcoming revisions to SFAS 5. Advisors/Committee Members: James Mckeown, Committee Chair/Co-Chair, Andrew J Leone, Committee Member, Amy X Sun, Committee Member, Marie Therese Reilly, Committee Member.

Subjects/Keywords: contingency; legal liability; disclosure; SFAS 5; employment discrimination; waiver of privilege

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Hennes, K. M. (2008). The Reporting of Contingent Legal Liabilities: Employment Discrimination Lawsuits. (Thesis). Penn State University. Retrieved from https://submit-etda.libraries.psu.edu/catalog/8504

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

Hennes, Karen M. “The Reporting of Contingent Legal Liabilities: Employment Discrimination Lawsuits.” 2008. Thesis, Penn State University. Accessed April 11, 2021. https://submit-etda.libraries.psu.edu/catalog/8504.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

Hennes, Karen M. “The Reporting of Contingent Legal Liabilities: Employment Discrimination Lawsuits.” 2008. Web. 11 Apr 2021.

Vancouver:

Hennes KM. The Reporting of Contingent Legal Liabilities: Employment Discrimination Lawsuits. [Internet] [Thesis]. Penn State University; 2008. [cited 2021 Apr 11]. Available from: https://submit-etda.libraries.psu.edu/catalog/8504.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Hennes KM. The Reporting of Contingent Legal Liabilities: Employment Discrimination Lawsuits. [Thesis]. Penn State University; 2008. Available from: https://submit-etda.libraries.psu.edu/catalog/8504

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

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