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gaap


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This research primarily examines the definitions of measurement rules used in debt contracts, and finds that there are a variety of adjustments made to GAAP NET INCOME when defining contractual performance measures, but they do not provide evidence on the magnitude of these adjustments. Our paper suggests that the contractual adjustments made to GAAP NET INCOME to derive PERF COV EARNINGS are economically large, on average income increasing, and result in systematic changes in the informational properties of GAAP NET INCOME. Without data on the relative magnitudes and frequency of the two types of adjustments, it is difficult to assess how and to what extent the adjustments alter the asymmetric timeliness of FASB GAAP net income. We find that the earnings measure used in performance covenants does not exhibit asymmetric loss timeliness and has significantly greater cash flow predictive ability than GAAP measures of earnings. For this sample of firms we compare the informational properties of PERF COV EARNINGS to those of two FASB GAAP based earnings measures: net income as defined by FASB GAAP (hereafter, NET INCOME) and earnings before interest, taxes, depreciation, and amortization (hereafter, EBITDA).2 Our main focus is to examine whether PERF COV EARNINGS differ from NET INCOME; however, benchmarking PERF COV EARNINGS against EBITDA is also useful for exploring to what extent contractual adjustments beyond interest, taxes, and depreciation shape the properties of PERF COV EARNINGS.

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