• norsk
    • English
  • norsk 
    • norsk
    • English
  • Logg inn
Vis innførsel 
  •   Hjem
  • Norges Handelshøyskole
  • Thesis
  • Master Thesis
  • Vis innførsel
  •   Hjem
  • Norges Handelshøyskole
  • Thesis
  • Master Thesis
  • Vis innførsel
JavaScript is disabled for your browser. Some features of this site may not work without it.

The exercise of covenant defeasace options : a study of the removal of restictive covenants in US corporate bonds, by means of big-data analysis

Algaard, Nils Diderik Grøttheim; Tenfjord, Jo Magnus
Master thesis
Thumbnail
Åpne
masteroppgave (1.420Mb)
Permanent lenke
http://hdl.handle.net/11250/278414
Utgivelsesdato
2014
Metadata
Vis full innførsel
Samlinger
  • Master Thesis [4657]
Sammendrag
This thesis aims to examine the exercise of covenant defeasance options. To find what bonds are defeased, we build a SEC crawler to analyze more than 1.4m SEC filings. Our methods of analysis are descriptive statistics and regression analysis. The regression analysis is performed by joining our data with Mergent’s Fixed Income Securities Database (FISD). Our major findings are: (1) 0.56% of defeasible bonds have this option exercised; (2) defeasance and repurchase are linked together as firms often repurchase as many bonds as possible while any hold outs are removed via defeasance; (3) no evidence that defeasance exercise is clustered in industries with higher uncertainty (4) bonds with a higher number of restrictive covenants are more likely to exercise their defeasance option; (5) there is no indication that callable bonds substitute for defeasance exercise; (6) the defeasance exercises are often linked to major corporate actions, such as acquisitions, mergers or refinancing.

Kontakt oss | Gi tilbakemelding

Personvernerklæring
DSpace software copyright © 2002-2019  DuraSpace

Levert av  Unit
 

 

Bla i

Hele arkivetDelarkiv og samlingerUtgivelsesdatoForfattereTitlerEmneordDokumenttyperTidsskrifterDenne samlingenUtgivelsesdatoForfattereTitlerEmneordDokumenttyperTidsskrifter

Min side

Logg inn

Statistikk

Besøksstatistikk

Kontakt oss | Gi tilbakemelding

Personvernerklæring
DSpace software copyright © 2002-2019  DuraSpace

Levert av  Unit