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Evidence on the determinants and economic consequences of delegated monitoring

机译：有关委托监控的决定因素和经济后果的证据

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摘要

We investigate delegated monitoring by examining the determinants and effects of including cross-acceleration provisions in public debt contracts. We find that cross-acceleration provision use depends on borrowers' going concern relative to liquidation values, debt repayment structures, credit quality, and financial reporting quality. This suggests that the use of cross-acceleration provisions increases when the costs of cascading defaults are lower, the conflicts between creditor classes are higher, and the benefits of delegating monitoring to banks are higher. We also find a lower interest rate on public debt contracts with cross-acceleration provisions, but the rate reduction depends on borrowers' financial reporting quality.
机译：我们通过检查在公共债务合同中包含交叉加速规定的决定因素和影响来调查委托监视。我们发现交叉加速准备金的使用取决于借款人对清算价值，债务偿还结构，信贷质量和财务报告质量的持续关注。这表明，当级联违约成本较低，债权人类别之间的冲突较高且将监管委托给银行的收益较高时，交叉加速准备金的使用会增加。我们还发现具有交叉加速准备金的公共债务合同的利率较低，但是利率的降低取决于借款人的财务报告质量。

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  • 来源
    《Journal of accounting & economics》 |2012年第3期|p.555-576|共22页
  • 作者

    Anne Beatty; Scott Liao; Joseph Weber;

  • 作者单位

    Fisher College of Business, The Ohio State University, 442 Fisher Hall, 2100 Neil Avenue, Columbus, OH 43210, United States;

    Rotman School of Management, University of Toronto, 105 St. George Street, Toronto, ON, Canada M5S3E6;

    Sloan School of Management, Massachusetts Institute of Technology, 50 Memorial Drive, E52-325, Cambridge, MA 02142, United States;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    contracting; monitoring; covenants; accounting quality; debt;

    机译：承包监控;约会计质量;债务;

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