Esty, Benjamin C.; Megginson, William L. - In: Journal of Financial and Quantitative Analysis 38 (2003) 01, pp. 37-60
Using a sample of 495 project finance loan tranches (worth $151 billion) to borrowers in 61 different countries, we examine the relation between legal risk and debt ownership structure. The tranches exhibit high absolute levels of debt ownership concentration: the largest single bank holds 20.3%...