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We study lending agreements and derivative positions of U.S. oil and gas producers, showing that loan covenants are important determinants of hedging policies. Hedging covenants appear in more than 85% of sample loan agreements, with explicit minimum hedging requirements in more than half. Covenants are more common when expected default costs are larger. The well-documented positive relation between borrowing and hedging is largely attributable in our sample to binding covenants, as the relation is much weaker in their absence. These results suggest that understanding firms' hedging choices requires the consideration of lender interests along with those of owners and managers. This paper was accepted by Lukas Schmid, finance. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.01616. [ABSTRACT FROM AUTHOR]

Racially restrictive covenants in housing deeds, commonplace in Minnesota for houses built from the 1910s to the 1950s, provided a foundation for the myriad of policies that made it difficult for people of color to obtain housing. Though covenants were ruled illegal in 1968, their legacy continues to shape neighborhoods. The Mapping Prejudice Project's efforts in Hennepin County, Minnesota, produced the first systematic documentation of racially restrictive covenants. We use this novel data set to explore the relationship between historic covenants and current health and wellbeing outcomes. Using regression analysis to control for neighborhood level covariates, we compare previously covenanted neighborhoods to neighborhoods without covenants. Today, previously covenanted neighborhoods have higher life expectancy and lower rates of obesity, diabetes, coronary heart disease, and asthma than neighborhoods without racially restrictive covenants. Additionally, previously covenanted neighborhoods have less upward mobility for children from poorer households, and there are larger gaps in upward mobility between white and Black children. These findings contribute to a growing literature that shows racist policies, even decades after they are legally enforceable, leave an imprint on neighborhoods. Using the novel data from the Mapping Prejudice Project, we provide statistical analysis that confirms qualitative and anecdotal evidence on the role of racial covenants in shaping neighborhoods. [ABSTRACT FROM AUTHOR]

We investigate the trading and yield effects of covenant-lite (cov-lite) high-yield bond contracts, which have a restricted (lite) set of covenants. The excluded covenants often are those that use accounting performance measures. Although much research has focused on the potential benefits of accounting as a basis for debt contracting, little is known about settings where it may be optimal to exclude accounting performance statistics from public debt contracts. We find that cov-lite high-yield bonds have a higher trading turnover and lower yield spreads. Our findings provide empirical support for theory, which predicts, for optimal bond covenant design, that a trade-off between improving trading ease versus enhanced investor protection needs to be managed. These results enhance our understanding of the limits of accounting's role in (bond) contracting design. [ABSTRACT FROM AUTHOR]

This study investigates the impact of macroeconomic shocks to firm investment opportunities on firm debt contracting policy. We find that adverse shocks to investment opportunities lead to a significant reduction in the use of debt covenants in syndicated bank loans. Consistent with incomplete contract theory, we show that firms mitigate debt–equity conflicts arising out of investment opportunities by employing accounting‐based financial covenants rather than non‐accounting‐based prepayment covenants. Adverse shocks to investment opportunities also lead to a concomitant decrease in the cost of borrowing. We find consistent evidence for corporate bond covenants and bond market borrowing costs as well. Overall, this study resolves prior mixed evidence concerning the impact of investment opportunities on debt contracting and connects macroeconomic theory with the accounting literature on debt contracting. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economia e Sociologia Rural is the property of Sociedade Brasileira de Economia e Sociologia Rural and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Islam was an important factor in the decolonisation of Muslim countries from European colonial rule during the 19th and 20th centuries. However, Muslims are among the migrant-settler populations of Australia, Canada, the United States, and other British colonial states that continue to dispossess and disenfranchise Indigenous populations. This article contributes to the debate on "decolonising Islam". It contends that covenants with God and between people in Islam's pre-eminent sources, the Qur'an and sunnah, are antithetical to colonialism and reinforce a praxis-orientated decolonial–Islamic agenda. This article focuses on three aspects of decolonisation, addressing: (1) supremacist ideology; (2) human existence and coexistence; and (3) claims of entitlement. Using Australia as the primary case study, it examines Islamic obligations towards Indigenous peoples in settler-colonial states, emphasising the potential of covenants to promote mutual recognition and dialogue towards redressing injustices and building respectful coexistence. [ABSTRACT FROM AUTHOR]

Closed-end funds are thought to have negligible fire sale risk as they have stable funding. However, I show that embedded covenants can generate price pressure in collateralized loan obligation (CLO) funds, even though such funds are closed end. Loans held by constrained CLOs report significantly lower cumulative returns than loans held by unconstrained CLOs. This can be explained by contractual arbitrage, a practice by which CLOs exploit loopholes in the design of covenants to mechanically loosen their covenants and avoid covenant breaches. Covenant breaches are associated with significant pecuniary and nonpecuniary costs, affecting CLO compensation, reputation, and career prospects. I show that when covenants breaches are imminent, managers fire sell distressed loans. Hence, I demonstrate a channel by which closed-end funds can also create fire sale risk, akin to their open-end counterparts. This paper was accepted by Lukas Schmid, finance. Funding: This research was funded by the John and Serena Liew Fellowship Fund at the Fama-Miller Center for Research in Finance at the University of Chicago Booth School of Business, the University of Chicago PhD Program Office, the Stigler Center for the Study of the Economy and State, and the University of Chicago Library. Supplemental Material: The data files and online appendices are available at https://doi.org/10.1287/mnsc.2023.4708. [ABSTRACT FROM AUTHOR]

Financial covenants influence firm behavior by state-contingently allocating decision rights. I develop a quantitative model with long-term debt where shareholders cannot commit to not dilute existing lenders with new debt issuances. Lenders intervene on covenant violations but cannot commit either to any debt restructuring plan ex ante. Counterfactual experiments suggest that financial covenants significantly reduce default probability and increase firm value. However, the value creation is limited by lenders' limited commitment. A hump-shaped relation between covenant tightness and firm value emerges, reflecting a balance between limited commitment on two sides. This paper was accepted by Gustavo Manso, finance. Supplemental Material: The data files and online appendices are available at https://doi.org/10.1287/mnsc.2022.4667. [ABSTRACT FROM AUTHOR]

We develop a model of financial maintenance covenants under moral hazard, adverse selection, and informative signals of varying quality. We explain how public signals can improve the outcome for lenders and borrowers by reducing inefficient risk-taking (in both the pooling and separating equilibrium), and by shielding good firms from the actions of bad (separating) ones. We find that a reduction in signal quality moves the equilibrium from pooling to separating, to no covenants at all. We also demonstrate that signal quality has a non-monotone effect on covenant strictness. In an extension, we model manipulation of the accounting signal and show that it is isomorphic to a particular kind of noise. [ABSTRACT FROM AUTHOR]

In the outskirts of Makkah al-Mukarramah, lies Al-Huddaybiya, a convention that was unjust to Muslims but accepted by the Prophet with Allah's Almighty inspiration. This was to put an end to something effective. The Al-Huddaybiya Agreement has become a rich aid for the Islamic nation to recite its events and study its governed lessons. Especially in today's situations, where its contents are generally applicable to the reality of Muslims in the political, social, educational, and legal aspects of their lives. The research follows an analytical descriptive approach consistent with its nature, according to a well-structured methodology plan. One of the most important findings of the research is that: 1. The peace agreement of Hudaibiya was a clear victory for Muslims, even though it appeared unjust at first. Allah described it as such in Surah al-Fatah. The Prophet accepted it to prevent bloodshed and out of respect for Allah's sanctities. 2. Muslims may form alliances with others against a common enemy, as the Prophet did with Khazair, despite their paganism. This comes with the rights and duties that each has towards the other. 3. The need to write and certify covenants, as they are the best means of documenting them, whether individually or collectively, especially if they are international. 4. Al-Hudaybiyah's victory came before the opening of Mecca al-Mukarramah. According to Ibn Al-Qiyyem, the truce was a reason for the great conquest. May Allah honor his messenger and his soldiers, and may the people enter into Allah's religion in droves. [ABSTRACT FROM AUTHOR]

Over the past decade, leveraged finance covenant provisions that once served to protect lenders now provide wide-ranging flexibility for borrowers and their private equity owners. The terms now permit borrowers to take actions detrimental to borrowers, including conducting liability management transactions. This article examines these provisions and the potential implications of this shift to lenders and the wider market. [ABSTRACT FROM AUTHOR]

The discussion about the existential truth or the nature of man and his special characteristics as the best of creatures has always been the concern of Islamic and non-Islamic thinkers and researchers. The words used about the truth of human existence are different in various texts, for example, the Holy Quran used the word "nature" for the first time and spoke about the creation of man based on pure nature and institution. In Ahadin, there is also talk about nature and institution, with the difference that in Ahadin, two different views about human nature and institution are seen and it challenges the audience's mind, in one place it talks about the sinfulness of human nature and in another place about the pure nature and Malkoti speaks. Also, there are contradictions in the Torah regarding the desire for human immortality. This research, with direct reference to the Holy Qur'an, the hadiths of the Innocents: and Ahedin, aims to examine the view of the Holy Qur'an and the hadiths on the existential truth of man (nature) and compare it with the Ahedin's view in this regard. In this regard, the lexical and terminological definition of "nature" in Islamic sources and the way Ahdin views this issue as one of the non-Islamic sources have been examined. [ABSTRACT FROM AUTHOR]

Thailand today is a nation caught between diametrically opposing forces: those calling for modernization and those urging the maintenance of traditional values, structures, procedures, and credentials. More specifically, government officials, capitalists, and those on the political right call for increased democratization, a free and open market economy, a movement towards an independent judiciary coupled with a more professional police force, and an expanding urbanization. At the same time, forces on the left, including especially certain powerful NGOs, and well organized, politically wise local villagers, one witnesses strong resistance to such developments in the form of clinging to cultural traditions, a longing for a romanticized rural past, and a recourse to protections the international covenants on human rights afford. In many ways, Thailand is experiencing a conflict between the hegemony of rural forces and rural politics and its urban counterparts. This article looks at the resistance to the passing of traditional society in Thailand, the rise of political and civil rights, and the somewhat unusual recourse to the Covenant on Social, Economic, and Cultural Human Rights as a means to defeat efforts at a highly politicized modernization. Inspiring it are observations and informal interviews of Thai religious leaders, engineers, business administrators, health professionals, NGO officials, government leaders (including a member of parliament), and prominent media personnel as well as village elders, local farmers, and fishermen. These are the product of a sojourn in Bangkok and surrounding rural villages under the aegis of the Council on International Educational Exchange, International Faculty Development Seminars. The article concludes with recommendations of resources that portend to be useful to those responsible for introducing and managing social change and overcome resistance to it within a community. [ABSTRACT FROM AUTHOR]

Copyright of Revista Opinião Jurídica is the property of Revista Opiniao Juridica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Extended AbstractThe divine religions believe that the cosmos of the ‘Malakut’ is the truth and the interior of the cosmos of the ‘Molk’, and the evil in the ‘Molk’ cosmos is not unrelated to the ‘Malakut’ cosmos. Hence, there are challenges about the cause of the presence of evil in the ‘Malakut cosmos’ and its quality. The first challenge is the contradiction of evil with the Lordship of God in the ‘Malakut cosmos’ and with the position of knowledge and science of God. The second challenge is Angels as a group of heavenly creatures who are involved in guiding man. What do they have about the evil and what effects do they have on human salvation and perfection? This research intends to study the origin of evil in the ‘Malakut cosmos’ and its consequences based on the sources of the Qur'an, authentic interpretations and narrations, and the sources of the Old and New Testaments and their interpretations, and to examine the commonalities and differences in the origin of evil.The results of this research showed that evil in the Qur'an has no way to the region of the Throne and the position of divine knowledge and angels; rather, it is only in the lower stage of the ‘Malakut cosmos’ along with the presence of jinns. Their chief; the devil, has only the power to tempt man; but in the Old and New Testaments, wickedness occurs at the level of angels because of deliberate rebellion against the Lord. So, the part of the Malakut where the angels are present is mixed with evil, which is not fit with the divine Lordship and the position of the knowledge of God. However, numerous studies have been written about the Throne and Evil so far. Among them, we can mention the article ‘a comparison of Adam's generation to Noah and the evil of man in the journey of Genesis’ (Homaei, 2005) and ‘a comparative study of the Throne in Jewish and Islamic mysticism’ (Miralaei et al., 2013). However, in none of these works has the ‘Malakut cosmos’ been considered educationally and they have not studied evil in the ‘Malakut cosmos’ and its effects on the ‘Molk’.According to the Qur'an, evil cannot reach the highest level of the ‘Malakut’ and the level of angels; because the Divine Throne is the place of absolute Lordship and the place of knowledge of God. Divine saints and angels are the executors of God's plans in the universe. Prophets and Imams, as a group of bearers of the Divine Throne, are aware of all events with their dominion over the ‘Malakut’, and with the knowledge of the presence of science (Hozuri) (A'raf: 54) and the guardianship that they have in the population of divine servants, they are in charge of guiding the people. They take evolutionary possession of the universe. And with the guardianship of the divine servants in the population, they are in charge of guiding the people and intervening in the evolution of the universe. They also have the characteristic of infallibility due to the mission of guiding creatures. Hence, the nature of divine knowledge and infallibility are not commensurate with evil. It is worth mentioning that another group of unseen beings, who intend to obtain unseen news from the Throne ‘Malakut’, are jinns. According to narrative sources, Satan was expelled from the ‘Malakut’ after the birth of the Prophet (PBUH). Therefore, he will never be able to enter the kingdom. According to his promise, “I swear by your honor that I will deceive them all” (Al-Hijr: 39) with the temptation of human beings and through his demonic powers, he commits evil in the universe.Therefore, the field of evil is the material world (the lower realm) and the creation of evil by the infidel jinns is done under the rule of Satan, and the divine world as the throne (Molk) of God is free from evil. In fact, the Qur'an attributes evil to demons from the jinn, who are not among the agents of existence and are mere beings who intend to enter the ‘ Malakut’ and access the unseen news. But God by the heavenly guards (al-Safat: 10) prevents them from penetrating the Malakut of heaven and the world of the Throne.Considering that in the Old Testament, the Throne ('Arsh) means government and kingdom, domination, and authority, and in the Old and New Testaments, the ‘Malakut’ is used in the sense of government; hence, the throne ('Arsh) and the ‘Malakut’ can be placed next to each other.The terms ‘Malakut’ of God and ‘Malakut’ of heaven are widely used in the New Testament (14 times in the Gospel of Mark, 39 times in the Gospel of Luke, and 32 times in the Gospel of Matthew). One of the concepts that is closely related to the Malakut is the Throne (A'rsh), which from the perspective of the Old and New Testaments is the center of the issuance of divine commands (1 King, 8:30; Daniel, 2:28; Matthew, 5:45). The New Testament speaks on the one hand of the Throne of God, the Throne of the Lamb and the Throne of God's Companions, and on the other hand, refers to the Throne of God's enemies and opponents, that is, the devil and the beast. In fact, from the point of view of the Old and New Testaments, the Divine Throne is the place where the affairs of the universe rule there, and the lamb, the conquerors, the 24 spiritual leaders and the judges are the executors of the Lord's plans. On the other hand, Satan, among the divine opponents, with his subordinates, in opposition to the divine throne, makes the universe the center of his evil deeds and claims kingship and sovereignty. Eventually, at the end of history, his wicked rule will be broken by Christ.The Old and New Testaments believe that due to the presence of evil angels led by Satan in the Malakut and deliberate rebellion against God, with the motive of seeking supremacy over him and taking the place of God, there is also evil in the supreme Malakut. In fact, in the Divine Throne where the Lamb and 24 spiritual leaders and judges are present, because of their infallibility, no evil will occur on their part in the Malakut (throne). Rather, due to the presence of evil angels in the Malakut, evil has occurred in the supreme Malakut by this group of angels because of their deliberate rebellion against God, and from there, it has spread to the realm of the kingdom. In other words, the Old and New Testaments believe that the origin of the evils in the world is the Throne (Malakut). Due to the presence of evil angels in the Malakut and as a result of their sin and fall, evil has found its way to it.

This article investigates whether the concentration of stock ownership affects the presence and intensity of covenants in the debt contracts of companies listed on the B3 stock exchange in the 2007-2018 period. We also present an overview of the presence and breach of covenants by these firms. For this purpose, we manually analyzed more than 4,000 explanatory notes for the firms’ financial statements regarding loans and financing and then applied linear and nonlinear regression models. We found that greater ownership concentration is associated with higher likelihood of the presence of covenants, corroborating the role of the ownership structure as a substitute governance mechanism that allows for aligning interests and reduces the need for using covenants. The results are useful to managers, creditors, and shareholders, by showing which characteristics are determinants of the use of covenants, supporting management of factors that can reduce their occurrence, and bring greater flexibility to the corporate decision-making process, directly maximizing the value to shareholders.

We provide evidence on the impact of loan covenants on audit delays and audit fees. We find that for most covenants, firms with a particular covenant have longer audit delays than firms without that covenant. On average, we observe that adding one more loan covenant will delay the audit report by at least 1 day. We also found that adding one more loan covenant increases audit fees by 1.2%. [ABSTRACT FROM AUTHOR]

The historicity of early Islamic diplomatic documents, referred to as the covenants of Prophet Muhammad, has received considerable scholarly attention over the past decade. This article is the first to present a critical examination of the reception of the Prophet's covenants among interfaith actors. An educative intervention instrument was used to examine how research on the historicity of the Prophet's covenants influences participants' thinking about interreligious relations in Islam. With reference to Stuart Hall's audience reception theory, the study found that most participants adopted the 'preferred' reading of the educative intervention material, while minorities adopted 'negotiated' or 'oppositional' readings. This article discusses these findings, highlighting that participants' openness to new religious knowledge, prior views on interreligious relations in Islam, and knowledge of primary Islamic sources influence reception of the Prophet's covenants. [ABSTRACT FROM AUTHOR]

Treaties and covenants have been the most important instruments of international relations in both ancient and modem times, playing a significant role in the promotion of religious freedom, peaceful coexistence, and interfaith harmony. The rapid spread and broad appeal of early Islam brought matters of international relations and cosmopolitan state governance to a cadre of Muslim leaders whose main political experience had been with parochial Arabian tribalism. The foremost issue was the position, rights, and responsibilities of non-Muslim religious communities within the Arab-Islamic empire. Consequently, numerous covenants and treaties were devised with subjects and with foreign states during the expansion of the Muslim world. This study examines the protection of non-Muslim places of worship under the rule of the Prophet Muḥammad ﷺ and his successors, including future caliphs and generals. It explores the practical application of the covenants by the successors of the Prophet Muḥammad ﷺ during early Islamic history, exploring the extent to which these covenants and treaties were effective in maintaining peaceful co-existence in a multi-faith society. In sum, for the sake of concision, only specific segments of the covenants and treaties are examined, which were devised with the non-Muslims for the protection of their worship places during the early Muslim Conquests. [ABSTRACT FROM AUTHOR]

Copyright of Revista Brasileira de Políticas Públicas is the property of Revista Brasileira de Politicas Publicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of International Business Studies is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article investigates whether the concentration of stock ownership affects the presence and intensity of covenants in the debt contracts of companies listed on the B3 stock exchange in the 2007-2018 period. We also present an overview of the presence and breach of covenants by these firms. For this purpose, we manually analyzed more than 4,000 explanatory notes for the firms' financial statements regarding loans and financing and then applied linear and nonlinear regression models. We found that greater ownership concentration is associated with higher likelihood of the presence of covenants, corroborating the role of the ownership structure as a substitute governance mechanism that allows for aligning interests and reduces the need for using covenants. The results are useful to managers, creditors, and shareholders, by showing which characteristics are determinants of the use of covenants, supporting management of factors that can reduce their occurrence, and bring greater flexibility to the corporate decision-making process, directly maximizing the value to shareholders. [ABSTRACT FROM AUTHOR]

The willingness of creditors to satisfy the credit demand of the population and the economy under mutually acceptable conditions directly depends on the degree of legal protection enjoyed by creditors. In this paper, we deal with the protection of creditors' rights and the instruments used for this purpose. The aim of this paper is to consider the economic effects arising as a result of the application of instruments of creditors' rights protection, which affect not only the financial position of creditors and debtors but also the stability and efficiency of the financial and economic system as a whole. The research results show that the existence of an adequate level of protection of creditors' rights has a strong positive impact on the size and activity of the credit market. On the other hand, the application of various instruments of creditors' rights protection can cause both positive and negative effects on the creditors position. Yet, an excessively high level of creditors' protection can significantly worsen the position of debtors and, consequently, aggravate the position of creditors in the long run.

از دیدگاه ادیان الهی، عالم ملکوت حقیقت و باطن عالم ملک است و شرارت موجود در عالم ملک، جدای از عالم ملکوت نی ست ؛ ازاینرو، در علت و چرایی ح ضور شرارت در عالم ملکوت و کیفیت آن چالشهایی وجود دارد؛ چالش اول: تناقض شرارت با ربوبیت پروردگار بر عالم ملکوت و با مقام علم خداوند. چالش دوم: فرشتگان به عنوان دسته ای از حامالن عرش که در هدایت انسان نقش دارند؛ چه رابطه ای با شرارت دارند و بر رستگاری و کمال انسا ن چه تأثیرهایی میگذارند. این پژوهش درصدد است تا براساس منابع قرآن، تفاسیر و روایات معتبر و منابع عهدین و تفاسیر آن، به خاستگاه شرارت در عالم ملکوت و پیامدهای ناشییی از آن بدردازد و در این راسییتا، اشییترات و اختالفهای موجود را بررسییی کند. از رهیافتهای این پژوهش عبارتاند از: شرارت در قرآن به منطقه عرش و مقام علم الهی و حامالن عرش راه ندارد؛ بلکه فقط در مرحله ملکوت اسفل و با حضور جنّیان است . ابلیس، رئیس آنها فقط قدرت وسوسه آدم را دارد؛ اما در عهدین، شرارت در سطح فرشتگ ان و به سبب عصیان عمدی علیه پروردگار رخ میدهد؛ ازاینرو، بخشی از ملکوت که محل حضور فرشتگان است با شرارت آمیخته شده است که با ربوبیت الهی و مقام علم پرودگار تناسب ندارد. [ABSTRACT FROM AUTHOR]

This article considers how "rolling covenants" (i.e., covenants on land title that can operate in a "rolling" geographic area to keep pace with sea‐level rise) can be used to permit productive use of land in the short term, while ensuring land use can shift over time to allow for coastal ecosystem migration in the medium to long term. We use Australia as a case study, and through analysis of legislation and a series of semistructured interviews, we demonstrate how land title‐based covenants can be used to give legal effect to "rolling covenant" arrangements where land is subject to existing use and occupation. We then consider practical issues associated with drafting a rolling covenant arrangement, including an analysis of the types of events or scenarios that could be used as a basis for land use changing (e.g., projected sea‐level rise, actual ecosystem migration), and the advantages and disadvantages of each. We conclude that rolling covenants are a viable option for land management in the coastal zone, especially in circumstances where funding sources are available to incentivize uptake. Rolling covenants may provide opportunities for coastal wetlands to be maintained and even enhanced in cover, thereby delivering important ecosystem services (e.g., blue carbon) into the future. [ABSTRACT FROM AUTHOR]

Lending to long-term investment projects in fragile countries requires additional financial instruments to control the sustainability of project cash flows and to increase the borrower’s financial discipline in debt servicing. This paper analyzes the special aspects of using financial covenants as credit risk mitigation instruments in project financing in Ukraine. It also argues that regulatory requirements to maintain financial strength indicators at the appropriate level have an indirect impact on the change in project finance loan rates. The study primarily aims at developing approaches to defining a credit rate corridor for an investment project, depending on changes in the values of financial sustainability indicators. The implementation of the proposed approach allows increasing the validity of credit risk components for investors and optimizing capital value for borrowers.As required by international practice, violation of covenant terms is the trigger for satisfying the creditors’ claims. According to the authors’ conclusions, the use of financial covenants as a tool for protecting the creditors’ interests should not be an instrument of unreasonable financial pressure on borrowers. The study reveals benefits and drawbacks of using financial covenants to mitigate credit risk and reduce the probability of a borrower default in the field of project financing in Ukraine.

Abstract This article considers how “rolling covenants” (i.e., covenants on land title that can operate in a “rolling” geographic area to keep pace with sea‐level rise) can be used to permit productive use of land in the short term, while ensuring land use can shift over time to allow for coastal ecosystem migration in the medium to long term. We use Australia as a case study, and through analysis of legislation and a series of semistructured interviews, we demonstrate how land title‐based covenants can be used to give legal effect to “rolling covenant” arrangements where land is subject to existing use and occupation. We then consider practical issues associated with drafting a rolling covenant arrangement, including an analysis of the types of events or scenarios that could be used as a basis for land use changing (e.g., projected sea‐level rise, actual ecosystem migration), and the advantages and disadvantages of each. We conclude that rolling covenants are a viable option for land management in the coastal zone, especially in circumstances where funding sources are available to incentivize uptake. Rolling covenants may provide opportunities for coastal wetlands to be maintained and even enhanced in cover, thereby delivering important ecosystem services (e.g., blue carbon) into the future.

The historicity of early Islamic diplomatic documents, referred to as the covenants of Prophet Muhammad, has received considerable scholarly attention over the past decade. This article is the first to present a critical examination of the reception of the Prophet’s covenants among interfaith actors. An educative intervention instrument was used to examine how research on the historicity of the Prophet’s covenants influences participants’ thinking about interreligious relations in Islam. With reference to Stuart Hall’s audience reception theory, the study found that most participants adopted the ‘preferred’ reading of the educative intervention material, while minorities adopted ‘negotiated’ or ‘oppositional’ readings. This article discusses these findings, highlighting that participants’ openness to new religious knowledge, prior views on interreligious relations in Islam, and knowledge of primary Islamic sources influence reception of the Prophet’s covenants.

Treaties and covenants have been the most important instruments of international relations in both ancient and modem times, playing a significant role in the promotion of religious freedom, peaceful coexistence, and interfaith harmony. The rapid spread and broad appeal of early Islam brought matters of international relations and cosmopolitan state governance to a cadre of Muslim leaders whose main political experience had been with parochial Arabian tribalism. The foremost issue was the position, rights, and responsibilities of non-Muslim religious communities within the Arab-Islamic empire. Consequently, numerous covenants and treaties were devised with subjects and with foreign states during the expansion of the Muslim world. This study examines the protection of non-Muslim places of worship under the rule of the Prophet Muḥammad ﷺ and his successors, including future caliphs and generals. It explores the practical application of the covenants by the successors of the Prophet Muḥammad ﷺ during early Islamic history, exploring the extent to which these covenants and treaties were effective in maintaining peaceful co-existence in a multi-faith society. In sum, for the sake of concision, only specific segments of the covenants and treaties are examined, which were devised with the non-Muslims for the protection of their worship places during the early Muslim Conquests.

This paper studies the financial consequences of a reported data breach for bank loan terms. Using a staggered difference-in-differences approach with treatment and control samples matched by data breach propensity, we find that firms that have reported data breaches face higher loan spreads and their loans are more likely to require collateral and demand more covenants. The effects are more pronounced when the data breach involves criminal activities or the loss of a large number of records, or when the breached firm belongs to certain industries or has a high IT reputation. Moreover, using the introduction of state mandatory data breach notification laws as an exogenous shock, we find that the negative effect of data breaches on bank loan terms is more significant after these laws took effect. Our evidence also suggests that breached firms that take more remedial actions following the breach incident receive less unfavorable loan terms. JEL Classifications: G10; G12. [ABSTRACT FROM AUTHOR]

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This study investigates determinants of debt covenants in Japanese loan markets. We focus on a unique monitoring mechanism by Japanese banks and hypothesise that debt covenants substitute for the traditional main bank governance. Consistently, we find that debt covenants are less likely to be used for firms with stronger ties with their main banks. We also document that such use of debt covenants results in borrower's upward earnings management. Overall, our evidence suggests that, in the Japanese context, debt covenants are used as a substitute for the main bank system yet they alone are an incomplete monitoring mechanism. [ABSTRACT FROM AUTHOR]

Copyright of Revista Evidenciação Contábil & Finanças is the property of Revista Evidenciacao Contabil & Financas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Even the earliest societies have felt the need to adopt sets of laws to allow their own government. Although we start from an era in which not only the number of literate persons was reduced and even the material means of recording the legislation was even more limited, history has recorded numerous legislative codes since the antiquity. It is difficult to imagine a culture, anywhere on the planet, which has not known, since ancient times, various forms of understanding even though it has recorded different modes of normative expression. The indisputable necessity and applicability of such covenants and treaties also resides in their widespread, from Antiquity, from the political level to the level of relations between just two persons. Most of the covenants were not recorded on a support, the transcription of some by carving in stone, gave the chance of preserving them. It did not take long until man's ability to regulate social, economic, and political forms of organization has gone beyond conventional boundaries and man has received a covenant with divinity. The individual's agreement with society was just one step that, at least retrospectively, seems to be normalized. In time, the Humanity learned that any form of external constraint, be it religious or political-social, can only lead to diminishing, until suppression, of fundamental freedoms.

Robert Adams's account of divine command theory argues that moral obligations are idealized versions of everyday social requirements. One type of social requirement is the ordinary demand one person makes of one another. Its idealized version is the perfect command a perfect God makes of those he loves. This paper extends Adams's account of moral obligation by considering another kind of social requirement: promises. It argues that we can understand a divine covenant as an idealized version of a promise. Promisers take on social requirements to promisees when they make promises. Analogously, God takes on obligations to humans when God makes covenants with them. Divine command theorists might fear that this makes God subject to moral rules not of his own choosing. This paper considers these fears and argues that they are unwarranted. [ABSTRACT FROM AUTHOR]