The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting
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Using data from SEC filings, I show that the typical bank loan is renegotiated five times, or every nine months. The pricing, maturity, amount, and covenants are all significantly modified during each renegotiation, whose timing is governed by the financial health of the contracting parties and
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美国国家经济研究局创建时间：
2014-09-01
