Performance-sensitive debt: A new mechanism (notice n° 486602)
[ vue normale ]
| 000 -LEADER | |
|---|---|
| fixed length control field | 01599cam a2200241 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250121072437.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Attaoui, Sami |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Performance-sensitive debt: A new mechanism |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2018.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 1 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | We propose a new mechanism of finite-maturity performance-sensitive debt (PSD). Unlike typical PSD, our mechanism relates positively the firm’s performance, captured by the level of its assets, to the coupon rate. That is, when its performance improves, the firm pays a high coupon rate, and when its performance deteriorates, the firm pays a low coupon rate. In a fairly general setting, we provide the necessary and sufficient conditions for our PSD to be efficient, and show that this mechanism can be immune against risk-shifting when augmented with a covenant deterring managers from changing risk following debt issuance. We analyze the characteristics of an example of such a mechanism where the coupon rate is a stepwise function of assets, and find that intermediate credit quality firms benefit most from it. This suggests that this new PSD should be considered as a complement to typical ones. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | tradeoff |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | liquidation |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | efficiency |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | performance-sensitive debt |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | asset substitution |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Bennouri, Moez |
| Relator term | author |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Mejri, Imen |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Finance | 38 | 2 | 2018-04-09 | p. 39-93 | 0752-6180 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-finance-2017-2-page-39?lang=en&redirect-ssocas=7080">https://shs.cairn.info/journal-finance-2017-2-page-39?lang=en&redirect-ssocas=7080</a> |
Pas d'exemplaire disponible.
Réseaux sociaux