English to Italian Bus/Financial Finance (general)

This paper investigates the impact of debt covenant protection on the cross section of equity returns with a firm-level covenant index and four sub-indices. We find that firms with weaker covenant protection (lower covenant index levels) earn significantly higher risk-adjusted equity returns than do those firms with greater covenant protection.
https://www.lexology.com/gtdt/tool/workareas/report/f32d036f...

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