A convertible bond is defined to be (e.g., Jorion [10]) a bond issued by a corporation that can be converted into the equity of that corporation at certain times using a predetermined exchange ratio. This entails the creation of new shares issued by the corporation if and when conversion occurs, and the existing shares are diluted by the creation of the new shares. The option to convert is sole...

We examine the relation between firms’ real earnings management decisions and the slack in their net worth debt covenant. Using private debt covenant data, we find that the overall level of real earnings management is higher when net worth covenant slack is tighter. Moreover, we find that this effect is more pronounced for loan-years with the tightest slack, which is a setting where benefits of...

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...

With free cash flows, borrowers can accumulate cash or voluntarily pay down debts. However, sometimes creditors impose a mandatory repayment covenant called “excess cash flow sweep” in loan contracts to force borrowers to repay debts ahead of schedule. About 17% of borrowers in our sample (1995-2006) have this covenant attached to at least one of their loans. We find that the sweep covenant is ...

Post-employment restrictive covenants in the context of employment relationships have long posed challenges for employers. Both the nature of the agreement and the context in which it is entered into impact the enforceability of restrictive covenants. The lack of a unified or “national” body of law on restrictive covenants within the US further complicates the issue. For example, in some states...

This study contributes to research on changing gender ideologies in marriage by focusing on a unique group of marriage innovators. We compare and contrast newlywed couples who chose covenant marriage, a new legal option in Louisiana primarily attractive to those of evangelical faiths, with couples who chose standard marriage. With quantitative and qualitative data from the Marriage Matters proj...

BACKGROUND Sexual orientation and gender identity are social determinants of health for people identifying as lesbian, gay, bisexual and transgender (LGBT), and health disparities among sexual and gender minority populations are increasingly well understood. Although the South African constitution guarantees sexual and gender minority people the right to non-discrimination and the right to acce...

The stability of delivery of low monitor unit (MU) setting is important especially for step-andshoot intensity-modulated radiotherapy (IMRT), because the nature of the technique is inherent to repeat beam on/off according to the number of the segments. This study evaluates the dose linearity and profile flatness/symmetry under low MU settings for Vero4DRT, a new linear-accelerator based irradia...

desires of saving souls’ (p. 87). Personal assurance was deemed to be essential and those who denied it were accused of Arminianism, yet preachers strove to undermine it, for fear of laxity creeping in. Robert Baillie prescribed ‘a diligent effort “to make our personall Election sure” ’ (p. 99). On the one hand, divine grace is irresistible, but on the other the preacher demands effort from the...

The transfer of control rights to lenders makes debt covenant violations costly to equityholders and managers, and provides managers with an incentive to manipulate covenant ratios and amounts. We find that the information contained in changes in the probability of covenant violations is priced by the stock market, incremental to changes in firm fundamentals. This relation is stronger when firm...