Debt covenants and the speed of capital structure adjustment
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DOI: 10.1016/j.jcorpfin.2017.04.008
Abstract: This paper examines the impact of debt covenants on the speed of capital structure adjustment. Overall, we find that covenants lower the speed of adjustment by 10–13%, relative to the speed of adjustment of firms… read more here.
Keywords: capital structure; speed adjustment; speed capital; adjustment ... See more keywords