Bookcover of The Effect of Conservatism on Corporate Bonds and Cost of Debt
Booktitle:

The Effect of Conservatism on Corporate Bonds and Cost of Debt

LAP LAMBERT Academic Publishing (2013-08-30 )

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ISBN-13:

978-3-659-42352-9

ISBN-10:
3659423521
EAN:
9783659423529
Book language:
English
Blurb/Shorttext:
Prior research on conservative accounting and the bondholder-shareholder conflict show that firms with higher degree of conservatism experience less austere conflict and lower cost of debt. However, since the implementation of IFRS in 2005, conservatism has been widely reduced in favor of fair value principles. This study sets out to examine if accounting conservatism still mitigates the conflict and reduces cost of debt. We regress two measures of conservatism on three conflict proxies and debt cost, respectively, for firms on the Norwegian market. Our results support the conclusion that conservative accounting mitigates the bondholder-shareholder conflict even after the introduction of IFRS, but we find no significant evidence that bondholders reward higher level of conservatism with lower cost of debt.
Publishing house:
LAP LAMBERT Academic Publishing
Website:
https://www.lap-publishing.com/
By (author) :
Felix Nordlind, Samuel Racana
Number of pages:
60
Published on:
2013-08-30
Stock:
Available
Category:
Money, Bank, Stock exchange
Price:
39.90 €
Keywords:
Corporate bonds; Conservative Accounting; Bondholder-Shareholder Conflict; Corporate Debt; Bond Spread; Dividend Policy; Norway

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