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حسابداری و مالی::
oibdp
Second, we use the Compustat item ―Operating Income Before Depreciation‖ (OIBDP) as a proxy for PERF COV EARNINGS to provide large sample evidence on the properties of performance covenant earnings (Demerjian and Owens (2015)).
OIBDP excludes interest, taxes, depreciation and non-operating items (as defined by Compustat) from NET INCOME.
We first provide evidence that OIBDP is a good proxy for PERF COV EARNINGS in our setting using the sample of firms that has both measures available.
We then examine the informational properties of OIBDP using the larger sample of borrowers in the Dealscan database and confirm our small sample findings hold in the Dealscan sample of firms, suggesting that our findings are likely to generalize to the broader sample of borrowers.
In the second analysis, we use the Compustat item ―operating income before depreciation‖ (OIBDP) as proxy for PERF COV EARNINGS to provide large sample evidence on the informational properties of PERF COV EARNINGS.
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