دانلود مقاله ISI انگلیسی شماره 50309
ترجمه فارسی عنوان مقاله

نقش مذاکره مجدد پویا و اطلاعات نامتقارن در قرارداد مالی

عنوان انگلیسی
The role of dynamic renegotiation and asymmetric information in financial contracting ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
50309 2015 21 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Economics, Volume 116, Issue 1, April 2015, Pages 61–81

ترجمه کلمات کلیدی
مذاکره مجدد - قراردادهای مالی - حقوق کنترل - اطلاعات نامتقارن
کلمات کلیدی انگلیسی
G21; G23; G32; K12; D82Renegotiation; Financial contracts; Control rights; Asymmetric information
پیش نمایش مقاله
پیش نمایش مقاله  نقش مذاکره مجدد پویا و اطلاعات نامتقارن در قرارداد مالی

چکیده انگلیسی

Using data from Securities and Exchange Commission filings, I show that the typical bank loan is renegotiated five times, or every nine months. The pricing, maturity, amount, and covenants are all significantly modified during each renegotiation, whose timing is governed by the financial health of the contracting parties and uncertainty regarding the borrowers’ credit quality. The relative importance of these factors depends on the duration of the lending relationship. I interpret these results in light of financial contracting theories and emphasize that renegotiation is an important mechanism for dynamically completing contracts and for allocating control rights ex post.