科学研究
报告题目：Proprietary Costs and Private Debt Renegotiation
报告人：郑柳
报告时间：2023年12月8日（周五）13:30-15:00
报告地点：腾讯会议（会议ID：567 405 736）
主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心
【报告摘要】
This study investigates the role of proprietary costs on private debt renegotiation. Prior literature suggests that primary terms of debt contracts are frequently renegotiated. During the renegotiation, firms provide proprietary information, which may be leaked to other market participants, including competitors. We conjecture that proprietary cost concerns impose costs on renegotiation in private debt contracts, hence affecting the renegotiation intensity. We exploit the staggered adoption of the inevitable disclosure doctrine (IDD) by U.S. state courts as an exogenous shock that increases the proprietary costs of disclosure. We find that firms respond to IDD adoption by reducing debt renegotiation intensity. The effect is more pronounced for firms operating in industries with more intense competition and facing less debt financing constraints. We corroborate our findings with the contract-level analysis. Consistent with the predication that concerns for information leakage drive our finding, we find that there is a more significant reduction in renegotiation intensity when (1) non-bank institutional investors participate in the syndicate loans, (2) more peer firms borrow from the same lender, and (3) the borrower recently switched to a new lead lender. We also find that loans post IDD have fewer debt covenants, less strict covenants, fewer lenders, and a more concentrated syndicate loan structure. In addition, firms are less likely to switch to a new lender and use public debt. Our study is the first to document the impact of proprietary costs on private communication between firms and creditors.
【报告人简介】
郑柳，香港城市大学商学院会计学系副教授，本科毕业于上海财经大学，博士毕业于美国南加州大学。研究兴趣包括CEO薪酬激励制度、信息披露、债务契约、资本市场监管、公司治理及审计。研究成果发表在The Accounting Review、Journal of Accounting and Economics、Accounting, Organizations and Society、Journal of Accounting and Public Policy等国际顶级期刊。
【特别提醒】
未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
