On Financial Contracting¶
Smith, C. W., & Warner, J. B. (1979). On Financial Contracting: An Analysis of Bond Covenants. Journal of Financial Economics, 7(2), 117-161.
Cited by¶
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Primes¶
- Threshold-Triggered Rule Activation
- Finance. Covenant breaches, collateral calls, and capital-ratio triggers: bond covenants activate restrictions when a leverage ratio crosses a level, margin calls activate when a price crosses a maintenance level, and the underlying ratio moves smoothly while the rule layer reorganises obligations discontinuously.
This sourceAnalyzes how debt covenants attach restrictions that activate when an accounting ratio crosses a specified level, reorganizing obligations at the contracting layer.
- Finance. Covenant breaches, collateral calls, and capital-ratio triggers: bond covenants activate restrictions when a leverage ratio crosses a level, margin calls activate when a price crosses a maintenance level, and the underlying ratio moves smoothly while the rule layer reorganises obligations discontinuously.
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