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The Bondholder-Stockholder Conflict: The Relation between Debt Covenants and Bond Spreads
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2012 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Prior research on covenants show that they are frequently included in corporate debt agreements as means of mitigating bondholder-stockholder conflicts. As covenants should be more frequently included when there is a higher degree of bondholder-stockholder conflict, what is then the relation between covenants and spread? Our results show that on the Norwegian corporate debt market, bonds that include covenants have a higher spread than those that do not. The results of an OLS-regression using some of the most common covenants, Z’-score and bond spread shows that the 43 % of bond spread can be explained by whether the bond includes dividend restrictions, equity restrictions and poison puts, and the Z’-score of the issuer.

Place, publisher, year, edition, pages
2012. , 46 p.
Keyword [en]
bondholder-stockholder conflict, covenants, Z’-score, corporate debt, Norwegian bond market
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-176496OAI: oai:DiVA.org:uu-176496DiVA: diva2:535549
Subject / course
Business Studies
Uppsok
Social and Behavioural Science, Law
Supervisors
Available from: 2012-06-27 Created: 2012-06-20 Last updated: 2012-06-27Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf