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Keywords:contracts 

Working Paper
High-Yield Debt Covenants and Their Real Effects

High-yield debt, including leveraged loans, is characterized by incurrence financial covenants, or “cov-lite” provisions. Unlike, traditional, maintenance covenants, incurrence covenants preserve equity control rights but trigger pre-specified restrictions on the borrower’s actions once the covenant threshold is crossed. We show that restricted actions impose significant constraints on investments: Similar to the effects of the shift of control rights to creditors in traditional loans, the drop in investment under incurrence covenants is large and sudden. This evidence suggests a new ...
Working Papers , Paper 22-5

Speech
Act Now, and Choose Wisely

Remarks at the 2021 ISDA North America Conference (delivered via videoconference).
Speech

Speech
Prepare for Landing

Remarks at the ISDA Benchmark Strategies Forum (delivered via videoconference).
Speech

Speech
The LIBOR Countdown Has Not Stopped

Remarks at the IMN Virtual Investors' Conference on LIBOR.
Speech

Speech
A Resolution for 2021: No New LIBOR

Remarks at the Securities Industry and Financial Markets Association’s LIBOR Transition Forum (delivered via videoconference).
Speech

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