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UID:20260617T054235EDT-1948TJvucr@132.216.98.100
DTSTAMP:20260617T094235Z
DESCRIPTION:\n	Dynamic Games and Applications Seminar\n\n	Speaker: Michèle Br
 eton – Professor\, Department of Decision Sciences\, HEC Montréal\, Canada
 \n\n	\n\n	Webinar link\n		Webinar ID: 962 7774 9870\n		Passcode: 285404\n\n	We pr
 opose a stochastic dynamic game model of syndicated loan contract negotiat
 ion in the presence of a covenant. The model accounts for the lender's rig
 ht to punish or tolerate any breach of the covenant\, and for the borrower
 's flexibility in adjusting its investment and risk-taking strategy. We an
 alyze whether and in what states the inclusion of a safety covenant improv
 es the loan value for each player and analyze the strategies used by the p
 layers in equilibrium. Our numerical implementation shows that the lender 
 can optimally tolerate some technical default in some states\, and that th
 e value of covenants decreases as the borrower's creditworthiness improves
 .\n\n	(Joint work with Tiguéné Nabassaga\, HEC Montréal)\n\n
DTSTART:20210311T160000Z
DTEND:20210311T170000Z
LOCATION:CA\, ZOOM
SUMMARY:The impact of safety covenants in syndicated loan agreements
URL:/cim/channels/event/impact-safety-covenants-syndic
 ated-loan-agreements-329335
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