I covenant sulle obbligazioni societarie: teoria ed analisi empirica

Through risky debt outstanding, stockholders’ actions aiming at maximizing the value of their equity claim can result in decreasing the value of both the firm and its outstanding bonds, therefore the introduction in the legal proceedings of bond covenants helps redefine the ways through which debt contracts are written to control bondholders-stockholders conflict, leading to several testable propositions about the specific form of debt contract that a firm will choose . The inquiry over the matter of credit restraint, and the benefits obtained by such contractual instruments mainly in the Anglo-Saxon financial procedures, finds its plausibility in the heightened control that they are able to assure the bondholders over the issuer firm and their relevant role with respect to the dynamics underlying the lender-borrower relationships