Using three measures of covenant restrictiveness, I examine the association between the ex ante design of debt covenant restrictiveness and the ex post exercise of creditor control rights. I find that contracts with higher level of covenant restrictiveness at loan origination are more likely to subsequently experience both covenant violations and renegotiations, suggesting that stricter covenan...

A second iteration of a draft covenant for the Anglican Communion (the St. Andrew’s Draft) is now circulating; and it is likely that some version thereof will be presented to the Bishops of the Communion when they meet in Canterbury this summer. At some point after this gathering, a covenant proposal will be circulated among the provinces of the Communion for ratification. There is no doubt tha...

We present empirical evidence on acquirer firms that have violated or are about to violate a loan covenant within four quarters of undergoing an acquisition. We find that firms that violate a covenant within the four quarters before the acquisition announcement have the highest announcement period abnormal returns, while firms that violate a covenant within the four quarters after the acquisiti...

This article tracks the shifting place of the international right to health, and human rights-based approaches to health, in the scholarly literature and United Nations (UN). From 1993 to 1994, the focus began to move from the right to health toward human rights-based approaches to health, including human rights guidance adopted by UN agencies in relation to specific health issues. There is a c...

the international covenant on economic, social and cultural rights contains no provisions concerning complaint procedure. the covenant’s emphasize on the progressive realization of economic, social and cultural rights had generated the idea that those categories of rights were, in principle, unjusticiable. the adoption of the draft optional protocol to the international covenant on economic, so...

www.thelancet.com/hiv Vol 3 March 2016 e107 4 Padian NS, McCoy SI, Manian S, Wilson D, Schwartlander B, Bertozzi SM. Evaluation of large-scale combination HIV prevention programs: essential issues. J Acquir Immune Defi c Syndr 2011; 58: e23–28. 5 Vermund SH, Fidler SJ, Ayles H, Beyers N, Hayes RJ. Can combination prevention strategies reduce HIV transmission in generalized epidemic settings in ...

We examine whether the presence of alternative debt covenant designs (threshold tightness, covenants frequency and covenant interdependence) reduces the adverse effect of poor accounting quality on debt cost in the private lending market. Our results indicate that when lenders face borrowing firms characterized by low accounting quality (hereafter, low quality borrowers), the lender tends to in...