ABSTRACT We provide evidence that lenders with lower regulatory capital issue loans financial covenant strictness, consistent such viewing borrower violations as costlier. This is because a violation may lead the lender to downgrade loan, which triggers accounting further reduces capital. Because of scrutiny, this true even if waives violation. find association concentrated in performance coven...

We investigate the trading and yield effects of covenant-lite (cov-lite) high-yield bond contracts, which have a restricted (lite) set covenants. The excluded covenants often are those that use accounting performance measures. Although much research has focused on potential benefits as basis for debt contracting, little is known about settings where it may be optimal to exclude statistics from ...

The articles number eleven and twelve of the international covenant of economic, social and cultural rights state that it should be recognized the right of every human being to an adequate life standard for him/herself and their families, including food, dress and housing and to continuing improving their life conditions; as well as the right of every individual to the fulfillment of the best a...

This Article examines Protestant positions on informed consent/refusal regarding the use of human subjects in research. Primarily focusing on the work of Paul Ramsey, a Protestant scholar in science and ethics, the article describes the relationship between the God-man covenant and man-to-man covenants and the consequences thereof. Exploring the line between what Ramsey calls “charity” and ”jus...

Venture capitalists are investing their money in portfolio enterprises and hence are putting their capital at risk. As portfolio enterprises may pursue different objectives than those of their financiers, venture capitalists may perceive agency problems as an important risk factor. Venture capitalists can limit the scope of these risks by specifying the form of financing that they provide to po...

Autori u članku procjenjuju funkciju potražnje za novcem u Hrvatskoj za novčane agregate M1 i M1a unutar vektorske autoregresije. Potražnja za novčanim saldom se povećala nakon uvođenja antiinflacijskog stabilizacijskog programa godine 1993. Monetarnu politiku je ograničila liberalizacija deviznog tržišta i deviznog tečaja, očekivana inflacija je bila smanjena, a kućanstva su zamijenila ukinutu...