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Managerial ability, information quality, and the design and pricing of corporate debt

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  • Alex Petkevich

    (John and Lillian Neff Department of Finance, University of Toledo)

  • Andrew Prevost

    (University of Vermont)

Abstract

We examine if managerial ability affects the efficiency of the contracting environment with lenders. We find that higher ability alters the balance of information-sensitive covenants demanded by outside investors, increases the issuance of bonds with longer maturity, and decreases the issuance of senior secured debt. We also document higher ability reduces the risk premium demanded by investors on information-sensitive debt. These results are collectively consistent with the premise that the mitigation of information risk is an important dimension of managerial ability that has a direct bearing on the structure and pricing of corporate debt.

Suggested Citation

  • Alex Petkevich & Andrew Prevost, 2018. "Managerial ability, information quality, and the design and pricing of corporate debt," Review of Quantitative Finance and Accounting, Springer, vol. 51(4), pages 1033-1069, November.
    • Handle: RePEc:kap:rqfnac:v:51:y:2018:i:4:d:10.1007_s11156-017-0696-z
    DOI: 10.1007/s11156-017-0696-z
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    6. Doukas, John A. & Zhang, Rongyao, 2020. "Corporate managerial ability, earnings smoothing, and acquisitions," Journal of Corporate Finance, Elsevier, vol. 65(C).
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    More about this item

    Keywords

    Managerial ability; Asymmetric information; Corporate debt;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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