Recovery Rates and Macroeconomic Conditions: The Role of Loan Covenants
Preprint
- 1 January 2009
- preprint
- Published by Elsevier in SSRN Electronic Journal
Abstract
For U.S. firms from 1988 to 2007, firms with stricter loan covenants had higher firm-level default recovery rates. Covenants were stricter, moreover, when set dKeywords
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