The Cost of Bond Covenant Restrictions on the Disposition of Assets
用期权定价模型和现金流方法，分析债券契约限制资产处置（特别是出售普通股和折旧资产）带来的高合规成本，这些成本会部分抵消债务的税收优势。
The cost of bond covenants restricting the dispositions of assets are examined in this study. Using an option pricing framework, it is shown that the cost of compliance could be high if restrictions are placed on the sale of common stock holdings. Similar results can be obtained by using a simple cash flow approach when calculating the effect on restrictions on the sale of depreciable assets. These costs somewhat offset the tax advantages of debt.