• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Alexander Parfenov
Сovenants` Impact in Corporate Bonds` Prospectuses on the Cost of Debt in BRICS Countries
Corporate Finance
(Master’s programme)
2017
This evidence about how the use of covenants in the bond contract affects the cost of debt by using a sample of firms from BRICS countries. I find significant benefits in terms of reduction in the cost of debt associated with covenants. Restrictions on operational and investment activities or financial restrictions reduce the cost of debt by about 31–43 basis points. These findings suggest that investors view bond covenants as important instruments in mitigating agency problems.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses