Control Rights and Capital Structure: An Empirical Investigation
实证发现，债务契约违约后，债权人利用加速和终止权提高利率、收紧信贷，导致企业净债务发行量持续大幅下降，且借款人很少更换贷款人。
ABSTRACT We show that incentive conflicts between firms and their creditors have a large impact on corporate debt policy. Net debt issuing activity experiences a sharp and persistent decline following debt covenant violations, when creditors use their acceleration and termination rights to increase interest rates and reduce the availability of credit. The effect of creditor actions on debt policy is strongest when the borrower's alternative sources of finance are costly. In addition, despite the less favorable terms offered by existing creditors, borrowers rarely switch lenders following a violation.