Executive Stock Ownership Guidelines and Debtholder Wealth
Abstract
We examine how the adoption of executive stock ownership guidelines affects debtholder wealth. We find that guideline adoption is associated with lower loan spreads, fewer collateral requirements, and fewer other restrictive covenants. The results are robust to using an instrumental variables approach. We further find that guideline adoption has a negative effect on bond yield spreads and that after the adoption, firms' risk-taking incentives...
Paper Details
Title
Executive Stock Ownership Guidelines and Debtholder Wealth
Published Date
Jul 1, 2018
Journal
Volume
94
Issue
2
Pages
267 - 295
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