作者：CHUNG, KH; GHICAS, D; PASTENA, V
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：A borrowing base is a line of credit set by the lender and secured by petroleum assets. Borrowers can draw on the borrowing. base only to the extent that their investment opportunities justify the related interest expenses. This measure of the firm's capacity to obtain secured loans is footnoted in the long-term debt section of the annual reports. In this paper we examine how lenders use accounting information to set the borrowing base of oil and gas firms. Determination of the borrowing base ...
作者：DAVIS, HZ; PELES, YC
作者单位：Hebrew University of Jerusalem; Hong Kong University of Science & Technology
摘要：We test several categories of ratios-short-term liquidity, performance measures, earnings per share (EPS), capital structure, and the gross margin ratio-to determine if they have equilibrium values or follow a random walk. For ratios with an equilibrium value, the speed at which the ratio returns to equilibrium from out-of-equilibrium conditions is measured. Since equilibrating forces may differ with firm size, we also test for differences in adjustment speeds between small and large firms. An...
