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This paper investigates whether the quality of a firm’s corporate governance practices and its sustainability disclosures are inversely related to its assessed default risk. It is expected that high reported standards of corporate governance will reduce the assessment of a company’s default...
The research question investigated is “Do managers of Australian firms use upward asset revaluations to reduce debt contracting costs?” Prior research, using sample periods from the 1970s and early 1980s, provides evidence that asset revaluations are used to reduce the costs of debt...
In this paper we examine whether there are differences in the reliability of asset revaluations made by boards of directors versus independent (external) appraisers. We use a sample of recognized Australian asset revaluations. As a first step we examine the determinants of the choice between...
This paper investigates the accounting based covenants typically contained in the private debt contracts of listed Australian firms. In particular, cross sectional determinants of variation in covenant utilisation and restrictiveness are investigated. The primary source of data presented in the...
In the present paper we examine the setting of offer prices for Australian industrial initial public offers (IPOs) by fixed price offers. Our investigation focuses on the associations between offer prices and both market prices and accounting based measures of intrinsic value. Fixed-price offers...
This paper investigates whether the quality of a firm’s corporate governance disclosures are inversely related to its assessed default risk. It is expected that high reported standards of corporate governance will reduce the assessment of a company’s default risk by lenders, underwriters and...
This research uses the empirical framework developed by Easton, Harris and Ohlson (1992)to examine the relative ability of the accrual and cash flow accounting models to capture value relevant events. In particular, components of clean surplus accrual earnings are compared with components of...
The research question investigated is “Do managers of Australian firms use upward asset revaluations to reduce debt contracting costs?” Much work in the accounting choice literature is premised on a relation between debt contracts and accounting policies. In particular, prior research using...