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The Monitoring Incentive of Transactional and Relationship Lenders : Evidence from the Syndicated Loan Market
Li, Yutao - 2015
We identify a group of lenders specializing in syndicating tradable loans (referred to as transactional lenders, “TLs”). We show that borrowers borrowing from TLs experience worse operating performance and more severe credit quality deterioration after loan origination compared to those...
Persistent link: https://www.econbiz.de/10013036045
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Specialization in banking
Blickle, Kristian; Parlatore, Cecilia; Saunders, Anthony - 2021
concentrating their lending disproportionately into one industry. This specialization improves a bank’s industry-specific knowledge … and, ultimately, bank performance. Banks concentrate more on their primary industry in times of instability and relatively …
Persistent link: https://www.econbiz.de/10012520305
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Should Bank Dividends Be Regulated? What Is the Long-Term Historical Evidence?
Saunders, Anthony; Wilson, Berry K. - 2021
The issue of bank dividend regulation has become highly controversial as the stress induced on bank capital during the … 2008 financial crisis and the covid pandemic created a demand for enhanced regulation and restrictions on bank dividend … stockholders and depositors, and to preserve the long-term solvency of the bank. Overall our study results show that despite an …
Persistent link: https://www.econbiz.de/10013245206
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Climate-Related Disclosure Commitment of the Lenders, Credit Rationing, and Borrower Environmental Performance
Hasan, Iftekhar; Lee, Haekwon; Qiu, Buhui; Saunders, Anthony - 2023
Using lenders becoming members of the Task Force on Climate-Related Financial Disclosures (TCFD) as a plausible exogeneous shock, we examine whether and how lenders’ commitment to transparent climate-related disclosures affects borrower firms’ environmental performance. We find that client...
Persistent link: https://www.econbiz.de/10014355208
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Covenant Violations and Dynamic Loan Contracting
Freudenberg, Felix - 2017
This paper examines the dynamic allocation of control rights in private debt contracts of firms that repeatedly borrow in the syndicated loan market. We show that a covenant violation in the prior loan contract provides a signal to creditors which results in stricter contract terms for the...
Persistent link: https://www.econbiz.de/10012975614
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The Total Cost of Corporate Borrowing in the Loan Market : Don't Ignore the Fees
Berg, Tobias - 2015
More than 80% of U.S. syndicated loans contain at least one fee type and contracts typically specify a menu of spreads and fee types. We test the predictions of existing theories on the main purposes of fees and provide supporting evidence that: (1) fees are used to price options embedded in...
Persistent link: https://www.econbiz.de/10013036334
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The myth of the lead arranger's share
Brickle, Kristian; Fleckenstein, Quirin; Hillenbrand, … - 2020
We make use of Shared National Credit Program (SNC) data to examine syndicated loans in which the lead arranger retains no stake. We find that the lead arranger sells its entire loan share for 27 percent of term loans and 48 percent of Term B loans, typically shortly after syndication. In...
Persistent link: https://www.econbiz.de/10012211170
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Corporate tax changes and credit costs
Deli, Yota; Delēs, Manthos D.; Hasan, Iftekhar; … - 2022
effect (working via firm's leverage) and, secondarily, a credit supply effect (working via bank market power and bank capital …
Persistent link: https://www.econbiz.de/10013326878
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Climate-related Disclosure Commitment of the Lenders, Credit Rationing, and Borrower Environmental Performance
Hasan, Iftekhar; Lee, Haekwon; Qiu, Buhui; Saunders, Anthony - 2022
Using a borrower firm’s relationship bank becoming a member of the Task Force on Climate-Related Financial Disclosures …
Persistent link: https://www.econbiz.de/10013404712
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Are Banks Still Special When There is a Secondary Market for Loans?
Gande, Amar - 2011
When a borrowing firm's existing loans trade for the first time in the secondary loan market, it elicits a significant positive stock price response by the borrowing firm's equity investors. We show that underlying this response is the impact of loan sales in alleviating a borrowing firm's...
Persistent link: https://www.econbiz.de/10012757130