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Executive Stock Ownership Guidelines and Debtholder Wealth

机译：执行股票所有权准则和债务人财富

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摘要

We examine how the adoption of executive stock ownership guidelines affects debtholder wealth. We find that guideline adoption is associated with lower loan spreads, fewer collateral requirements, and fewer other restrictive covenants. The results are robust to using an instrumental variables approach. We further find that guideline adoption has a negative effect on bond yield spreads and that after the adoption, firms' risk-taking incentives are lower. These results suggest that guideline adoption benefits debtholders by lowering agency costs of debt. However, we also find that adoption of ownership guidelines is associated with a significant increase in stock prices, and that firms are more likely to increase financial reporting quality in the post-adoption period, indicating that guideline adoption incentivizes managers to improve firm fundamentals, benefiting both shareholders and debtholders.
机译：我们研究采用高管持股准则如何影响债务持有人的财富。我们发现，采用准则与较低的贷款利差，较少的抵押要求和较少的其他限制性契约相关。结果对于使用工具变量方法是可靠的。我们进一步发现，采用准则对债券收益率利差有负面影响，采用准则后，企业的冒险动机较低。这些结果表明，准则采用可以通过降低债务的代理成本使债务持有人受益。但是，我们还发现采用所有权准则与股票价格的大幅上涨相关，并且公司在采用后的时期内更有可能提高财务报告质量，这表明采用准则会激励经理改善公司的基本面，从而受益股东和债务人。

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