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Cost-Benefit Trade-Off of Accounting Conservatism for Bond Investors
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| 자료유형 | 학위논문 |
|---|---|
| 서명/저자사항 | Cost-Benefit Trade-Off of Accounting Conservatism for Bond Investors. |
| 개인저자 | Sheibany, Iman. |
| 단체저자명 | University of Minnesota. Business Administration. |
| 발행사항 | [S.l.]: University of Minnesota., 2019. |
| 발행사항 | Ann Arbor: ProQuest Dissertations & Theses, 2019. |
| 형태사항 | 79 p. |
| 기본자료 저록 | Dissertations Abstracts International 81-05A. Dissertation Abstract International |
| ISBN | 9781088323175 |
| 학위논문주기 | Thesis (Ph.D.)--University of Minnesota, 2019. |
| 일반주기 |
Source: Dissertations Abstracts International, Volume: 81-05, Section: A.
Advisor: Shroff, Pervin |
| 이용제한사항 | This item must not be sold to any third party vendors. |
| 요약 | I analyze the costs and benefits of accounting conservatism for debtholders by examining its effect on bond pricing. Contractual benefits of conservatism arise because it accelerates the triggering of tripwires built into earnings covenants. On the other hand, conservatism can also give rise to informational costs. The requirement of higher verification threshold for good news relative to bad news results in the pooling of some good news with bad news disclosures, increasing uncertainty when low accounting reports are observed (Gigler, Kanodia, Sapra, and Venugopalan 2009). Consistent with contractual benefits, I find that conservatism reduces bond spreads by making covenants more effective. In contrast, the increased uncertainty due to conservatism leads to higher bond spreads. Overall, I find that the informational cost of increased uncertainty exceeds the contractual benefits of conservatism resulting in higher bond spreads when accounting is conservative. |
| 일반주제명 | Accounting. |
| 언어 | 영어 |
| 바로가기 | 
: 이 자료의 원문은 한국교육학술정보원에서 제공합니다. |
