A Debt Covenant Rationale for a Market Reaction to a Mandated Accounting Change: The Case of the Investment Tax Credit |
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Abnormal Returns accounting event accounting policy addition adoption amount analysis approved assess associated Attempt average Bill passes caused Chapter Coefficient Committee consistent Corp correlation costs critical cross-sectional D method debt covenant decrease defined Description detected determine discussed dividend economic estimated event dates event period evidence Exhibit exist expected explanation F-Value Finance firms FT firms FT method Full House hypothesis impact income increase Independent Variables individual Industrial interest isolate issued ITC accounting ITRE limited mandated accounting change market effects market reaction matrix Means measured method of accounting negative Notes Number occurred Opinion period positive potential predicted presented Probability of F proposed proxies reasons Regression rejection release reported retained earnings reversal sample security price effects selected Senate Sign significant similar specific Statistics Table tax credit tax event tests treatment Violation