The determinants of the accounting classification of convertible debt when managers have freedom of choice

This study examines the accounting classification of convertible debt in an environment where there is the choice of debt, other capital funds or equity. Contracting theory suggests possible determinants of accounting choice. These are leverage, as a proxy for closeness to debt covenants, the relative size of the convertible financial instrument issued and the contractual terms of the instrument. Two measures of leverage are used. One is debt to earnings before interest, tax, depreciation and amortisation (EBITDA). This variable has been included as it is the most commonly used ratio in debt covenants. The second measure is debt to net tangible assets as this ratio, or similar ratios, have been used in previous accounting studies to proxy for closeness to debt covenants. As leverage ratios tend to vary between industries I identify whether each firm is above or below their industry average. I find that the best predictor of the accounting classification choice is the contractual terms of the instrument. The two debt covenants derived hypotheses are not supported. The leverage of the issuer and the relative size of the issue have no significant influence on the choice of classification

FARM PRICE AND INCOME ISSUES, 1965

Agricultural and Food Policy,

Variability of flyover noise measures for repeated flights of turbojet and piston engine transport aircraft

Measurement of variability of aircraft noise during level flight flyover

RESPONSIBILITIES OF LAND-GRANT UNIVERSITIES IN PUBLIC AFFAIRS EDUCATION

Teaching/Communication/Extension/Profession,

INCREASING MOBILITY OF LABOR THROUGH TRAINING PROGRAMS

Labor and Human Capital,

THE UNIVERSITY'S ROLE IN PROGRAMS ON RURAL POVERTY

Food Security and Poverty,

Using a Log-normal Failure Rate Distribution for Worst Case Bound Reliability Prediction

Prior research has suggested that the failure rates of faults follow a log normal distribution. We propose a specific model where distributions close to a log normal arise naturally from the program structure. The log normal distribution presents a problem when used in reliability growth models as it is not mathematically tractable. However we demonstrate that a worst case bound can be estimated that is less pessimistic than our earlier worst case bound theory

Security-Informed Safety: Supporting Stakeholders with Codes of Practice

Codes of practice provide principles and guidance on how organizations can incorporate security considerations into their safety engineering lifecycle and become more security minded