This study investigates the use of debt covenants around the world. Based on a sample of 7,053 syndicated-loan borrowers from 23 countries, we find that debt covenants are more prevalent in countries with stronger law enforcement, more developed private credit market, and higher financial...

This study examines the impact of mandatory IFRS adoption on IPO underpricing and the relative amount of IPO capital raised in foreign markets. Using a difference-in-differences design, we find a decrease in IPO underpricing and an increase in the relative proceeds from foreign markets following...

Hong, Hung, and Lobo (2014, HHL) document a decrease in IPO underpricing and an increase in the relative proceeds from foreign markets following the 2005 mandatory IFRS adoption. In a study that re-examines the impact of mandatory IFRS adoption on IPO underpricing, Byard, Darrough, and Suh...