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Cited by 426

The DOI matches its Crossref record; 48 of the 48 references it cites were found in a registry or an index.

The Debt‐Contracting Value of Accounting Information and Loan Syndicate Structure

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BALL, RYAN, BUSHMAN, ROBERT M., VASVARI, FLORIN P.·2008·Journal of Accounting Research
DOI 10.1111/j.1475-679x.2008.00273.x
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Abstract

We investigate how both the ownership structure and explicit contractual structure of syndicated loan deals are shaped by the debt‐contracting value (DCV) of borrowers' accounting information. DCV captures the inherent ability of firms' accounting numbers to capture credit quality deterioration in a timely fashion. We hypothesize and document that when a borrower's accounting information possesses higher DCV, information asymmetry between the lead arranger and other syndicate participants is lower, allowing lead arrangers to hold a smaller proportion of new loan deals. Further, we document that the influence of DCV on the proportion of the loan retained is conditional on the lead arranger's reputation, the existence of a credit rating, and the lead arranger's previous relationships with the same borrower. Finally, we find that when loans include performance pricing provisions, the likelihood that the single performance measure used is an accounting ratio, rather than a credit rating, is increasing in DCV.

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Metadata

Authors
BALL, R., BUSHMAN, R. M., & VASVARI, F. P.
Venue
Journal of Accounting Research
Publisher
Wiley
Published
2008-03-07
Volume
46
Issue
2
Pages
247-287
ISSN
  • 0021-8456 (ISSN-L)
  • 1475-679X
DOI
10.1111/j.1475-679x.2008.00273.x
OpenAlex
W3124850003
Cited by
426
References
48
FWCI
20.67
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: The Debt‐Contracting Value of Accounting Information and Loan Syndicate Structure. https://app.cochat.ai/papers/10.1111/j.1475-679x.2008.00273.x
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BALL, R., BUSHMAN, R. M., & VASVARI, F. P. (2008). The Debt‐Contracting Value of Accounting Information and Loan Syndicate Structure. Journal of Accounting Research. https://doi.org/10.1111/j.1475-679x.2008.00273.x

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.