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先端研究セミナー(20230627)


Abstract

We examine how financial statement dissimilarity is related to the pricing of private debt contracts. Our findings support a higher loan spread for firms with increasing dissimilarity of their annual financial reports. Dissimilarity contains information about firms' performance and the likelihood of violation of performance covenants in the future. The relation between financial statement dissimilarity and loan spreads is stronger when financial statements have a more ambiguous tone, and when the borrowers have an opaque information environment or when they don't share a lending relationship with banks or are subject to lower monitoring from institutional investors and directors. We further show that banks impose more covenant restrictions, especially performance covenants for borrowers with higher financial statement dissimilarity. Overall, our findings suggest that lenders pay additional attention to the dissimilarity of 10-K reports when deciding on the price and covenants of private debt.


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