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The Resolution of Technical Default.

Messod D. Beneish; Eric Press
The Accounting Review 1995 70(2), 337-353 open access
Examines whether the consequences arising from renegotiation of lending agreements are priced in the market. Technical default; Wealth losses from higher costs of borrowing and restrictions on firms' opportunities; Stock price declines; Debt covenant violation.

Detecting Earnings Management.

Patricia Dechow; Richard G. Sloan
The Accounting Review 1995 70(2), 193-225 open access
Evaluates alternative accrual-based models for detecting earnings management. Comparison of the specification and power of commonly used test statistics; Application of the models to a random sample of firm-years; Importance of controlling for financial performance when investigating earnings management stimuli that are correlated with financial performance.