The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market $

By Regina Wittenberg-Moerman. 2008

501 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/fb2ec12a782fd0d779334e6e4928804101c9c2a2

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Citations in the corpus

The Effect of Private Information and Monitoring on the Role of Accounting Quality in Investment Decisions (2009, unknown): “(2008), Francis, Schipper, and Vincent (2005), and Whittenberg-Moerman (2008) that firms with relatively higher accounting quality are rewarded with a reduction in the cost of debt, it is somewhat surprising that this lower cost of capital would not lead to improved investment efficiency.”
On Loan Sales, Loan Contracting, and Lending Relationships (2009, unknown): “2004; Allen & Gottesman 2005), as well as the effect of information asymmetry on debt contracting (Moerman 2005).”
The Contracting Benefits of Accounting Conservatism to Lenders and Borrowers (2008, unknown): “In summary, the existing literature suggests that conservatism plays an efficiency-enhancing role in the debt contracting process (Watts and Zimmerman, 1986; Watts, 2003a, b). However, to date there is no direct evidence as to whether and how conservatism benefits lenders, and there is only limited ”
Conditional conservatism and the limits to earnings management (2020, unknown): “…of earnings management without risking losing the contracting benefits that they enjoy because of 2 See, for example, Ahmed et al. (2002), Zhang (2008), Wittenberg-Moerman (2008), Göx and Wangenhofer (2009), Gormley et al. (2012), Jayaraman and Shivakumar (2013), and Garcia Lara et al. (2016).”
The implications of research on accounting conservatism for accounting standard setting (2015, background): “It also reduces risk-shifting (Loktionov 2010) and the bid-ask spread in secondary loan markets (Wittenberg-Moerman 2008).”
The Role of Accounting Conservatism in the Equity Market: Evidence from Seasoned Equity Offerings (2013, unknown): “Debt investors, who value conservatism because of their asymmetric payoffs with respect to net assets, reward conservative firms with better debt ratings and a lower cost of debt (e.g., Ahmed et al. 2002; Wittenberg-Moerman 2008; Zhang 2008).”
The Effect of Accounting Conservatism on Corporate Investment during the Global Financial Crisis: THE EFFECT OF ACCOUNTING CONSERVATISM (2016, unknown): “We proxy for conservatism by C_Score (Khan and Watts 2009), the difference between the skewness in cash flows from operations and the skewness in earnings (Givoly and Hayn 2000), asymmetrically timely loss recognition (Basu 1997; Wittenberg-Moerman 2008), and an index that combines the three individ”
Accounting Information in Financial Contracting: The Incomplete Contract Theory Perspective (2016, unknown): “…ample empirical evidence that the properties of accounting numbers are associated with debt contracting practices and market outcomes such as liquidity (e.g., Ball, Bushman, and Vasvari, 2008, Beatty, Weber, and Yu, 2008, Wittenberg-Moerman, 2008, Zhang, 2008, and Christensen and Nikolaev, 2012).”
The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting (2010, background): “(See Wittenberg-Moerman, 2008, for a discussion of the institutional features of the syndicated-debt market.)”
The Benefits of Conservative Accounting to Shareholders: Evidence from the Financial Crisis (2013, unknown): “Similar to Zhang (2008), to control for the variation in firm performance, we deflate it by the skewness of cash flows.”
Narrative Disclosure and Earnings Performance: Evidence from R&D Disclosures (2014, unknown): “In addition, while R&D investments are already associated with high information asymmetry, prior research finds that information asymmetry rises as earnings performance decreases (Wittenberg-Moerman 2008; Brown et al 2009; Ng et al. 2009; Rogers et al. 2009).”