Title:	Accounting and non-accounting based information inthe†market for debt:Evidence from Australian private debt contracts
Authors:	Ian Ramsay, Baljit K. Sidhu
Keywords:	Private debt agreements; Covenants
Issue Date:	1998
Publisher:	Blackwell Publishers
Description:	This paper examines accounting and non-accounting based restrictive covenants in Australian private debt agreements. With respect to the former, our findings differ from previous research on public debt. We find more varied definitions of constraints and their specified tightness in private debt contracts than in public debt contracts. Further, limits on interest cover are found to be continuing constraints and not ‘once-off’ limits. The paper reports frequent use of more specific or ‘tailored’ accounting based constraints and the frequent inclusion of off-balance sheet numbers in the measurement rules specified.
URI:	http://196.189.45.87:8080/handle/123456789/105034
Appears in Collections:	Accounting and Finance

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