مقاله انگلیسی رایگان در مورد ضرر پیش بینی شده مبتنی بر حسابداری با توجه به طرح قرارداد بدهی – اسپرینگر ۲۰۲۳

مقاله انگلیسی رایگان در مورد ضرر پیش بینی شده مبتنی بر حسابداری با توجه به طرح قرارداد بدهی – اسپرینگر ۲۰۲۳

 

مشخصات مقاله
ترجمه عنوان مقاله زیان مورد انتظار مبتنی بر حسابداری با توجه به طرح قرارداد پیش فرض و بدهی
عنوان انگلیسی مقاله Accounting-based expected loss given default and debt contract design
نشریه اسپرینگر
سال انتشار ۲۰۲۳
تعداد صفحات مقاله انگلیسی  ۳۱ صفحه
هزینه دانلود مقاله انگلیسی رایگان میباشد.
نوع نگارش مقاله
مقاله پژوهشی (Research article)
مقاله بیس این مقاله بیس میباشد
نمایه (index) Scopus – Master Journals List – JCR
نوع مقاله ISI
فرمت مقاله انگلیسی  PDF
ایمپکت فاکتور(IF)
۵٫۵۳۶ در سال ۲۰۲۲
شاخص H_index ۸۸ در سال ۲۰۲۳
شاخص SJR ۴٫۲۱۲ در سال ۲۰۲۲
شناسه ISSN ۱۵۷۳-۷۱۳۶
شاخص Quartile (چارک) Q1 در سال ۲۰۲۲
فرضیه ندارد
مدل مفهومی دارد
پرسشنامه ندارد
متغیر دارد
رفرنس دارد
رشته های مرتبط حسابداری – مدیریت – اقتصاد
گرایش های مرتبط حسابداری مالی – حسابداری دولتی – مدیریت استراتژیک
نوع ارائه مقاله
ژورنال
مجله / کنفرانس بررسی مطالعات حسابداری – Review of Accounting Studies
دانشگاه David Eccles School of Business, University of Utah, UT, USA
کلمات کلیدی قراردادهای بدهی – زیان پیش فرض – ویژگی های حسابداری – رگرسیون گام به گام
کلمات کلیدی انگلیسی Debt contracts – Loss given default – Accounting properties – Stepwise regression
شناسه دیجیتال – doi
https://doi.org/10.1007/s11142-023-09772-x
لینک سایت مرجع
https://link.springer.com/article/10.1007/s11142-023-09772-x
کد محصول e17462
وضعیت ترجمه مقاله  ترجمه آماده این مقاله موجود نمیباشد. میتوانید از طریق دکمه پایین سفارش دهید.
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فهرست مطالب مقاله:
Abstract
۱ Introduction
۲ Motivation and background
۳ Research design and sample selection
۴ Accounting‑based loss given default prediction model
۵ Accounting‑based predicted loss given default and bond interest spread
۶ Conclusion
Appendix
References

 

بخشی از متن مقاله:

Abstract

We investigate an unexplored channel—loss given default (LGD)—through which accounting information can shape the design of debt contracts. Using a sample of defaulted bonds, we find that borrower accounting information available at contract initiation possesses significant power for predicting realized LGD at the subsequent default date. We then use this model to construct an accounting-based measure of expected LGD at the contracting date for a large sample of bond issuances. We find that this measure is positively associated with issuance date interest spread and covenant use, and document that these relations are not artifacts of an association between LGD and probability of default. We then show that accounting-based expected LGD has a stronger association with issuance date spread when the borrower’s underlying accounting is more conservative and when the accounting-based LGD predictors are more persistent. Our results increase our understanding of both the informational role and contracting role of accounting information.

Introduction

Financial reports are an important source of frm-specifc information available to lenders at the contracting date and thus may afect lenders’ behavior in the design of debt contracts. Whereas prior literature focuses on the usefulness of accounting information for probability of default assessment (e.g., Beaver 1966; Altman 1968; Shumway 2001), this study suggests that accounting information may also shape contracts by facilitating lenders’ assessment of loss given default. Loss given default, defned as the percentage loss that lenders experience from $1 of outstanding principal in a case of default, is a critical component of credit risk and debt contracting theories.1 Despite the theoretical importance of loss given default, there is little empirical evidence regarding how accounting information available to lenders at the contracting date is associated with their expectations about loss given default. This study is the frst to provide evidence that accounting information at the contracting date is a useful predictor of realized loss given default and that lenders behave as if they use accounting information about loss given default to design debt contracts.

Conclusion

A substantial body of research focuses on the informativeness of accounting information with respect to probability of default. However, there is very little research concerning the informativeness of accounting information with respect to loss given default, particularly at the contracting date. There exists some ancillary evidence in extant literature regarding the informativeness of accounting data about loss given default at the time of default. However, given the relatively long time between debt issuance and eventual default, this evidence says little about whether accounting information is useful to lenders in assessing expected loss given default at the contracting date—when lenders need information the most.

This study contributes to the literature along several dimensions. First, using a sample of defaulted bonds, we show that accounting measures available to lenders at the contracting date are informative about future loss given default. To the best of our knowledge, this study is the frst to do so. This fnding complements the literature which shows that accounting measures are informative about probability of default and therefore enhances our understanding of the informational role of accounting. Second, we construct an intuitive measure of accounting-based expected loss given default at the time of bond contract initiation, which could be of use in future research. Third, we show that lenders behave as if their accounting-based expectations about loss given default signifcantly afect price and non-price terms of bond contracts. We provide evidence that the association is stronger when the accounting-based predictors are more persistent, consistent with the intuition that accounting information with higher persistence is more reliable for predicting future outcomes. This fnding contributes to the literature on the role of accounting information in debt contracting by showing a specifc channel through which accounting information may be useful in lending decisions. Finally, our results provide important evidence that establishes a direct link between accounting-based LGD estimation and lenders’ demand for fnancial reporting conservatism.

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