Abstract
When a company enters into a bond indenture or loan agreement, certain restrictions usually are placed on it. These restrictions, known as protective covenants, may have a significant influence on profitability, making the bargaining strategy of the company very important. But to bargain effectively over the restrictiveness of the protective covenants, management must know the impact that the covenants have on profitability.
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Schedule a callMore From: The Journal of Financial and Quantitative Analysis
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