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You searched for +publisher:"Penn State University" +contributor:("Paul David Fischer, Committee Chair/Co-Chair"). 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 17, 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. 17 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 17]. 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. Miller, Brian Paul. Data Overload and Investor Trading .

Degree: 2008, Penn State University

This paper examines the effects of annual report length and readability on small and large investors’ trading behavior. Motivated by critics concerns over the effects of longer and more opaque annual reports, I use computational linguistic software to measure the length (number of words) and readability (Fog Index and Plain English Index) of 10-K filings. After controlling for the information content of the report, I find evidence that small investors reduce their trading when filings increase in length. Additional analysis indicates that longer reports are also associated with reduced consensus and short-term trading profits for small investors. I fail to find similar evidence for large investors, which is consistent with their superior processing skills. Further, despite the SEC’s efforts to encourage plain English disclosure, I find little support that readability has an effect on investors’ trading behavior. Advisors/Committee Members: Paul David Fischer, Committee Chair/Co-Chair, Karl A Muller Iii, Committee Chair/Co-Chair, Andrew J Leone, Committee Member, Arun Upneja, Committee Member.

Subjects/Keywords: Data Overload; Small Investor Trading; Information Processing; Readability

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

APA (6th Edition):

Miller, B. P. (2008). Data Overload and Investor Trading . (Thesis). Penn State University. Retrieved from https://submit-etda.libraries.psu.edu/catalog/9196

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):

Miller, Brian Paul. “Data Overload and Investor Trading .” 2008. Thesis, Penn State University. Accessed April 17, 2021. https://submit-etda.libraries.psu.edu/catalog/9196.

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

MLA Handbook (7th Edition):

Miller, Brian Paul. “Data Overload and Investor Trading .” 2008. Web. 17 Apr 2021.

Vancouver:

Miller BP. Data Overload and Investor Trading . [Internet] [Thesis]. Penn State University; 2008. [cited 2021 Apr 17]. Available from: https://submit-etda.libraries.psu.edu/catalog/9196.

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

Council of Science Editors:

Miller BP. Data Overload and Investor Trading . [Thesis]. Penn State University; 2008. Available from: https://submit-etda.libraries.psu.edu/catalog/9196

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

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