Using Moody's “Ultimate Recovery Database,” we estimate a model for bank loan recoveries using variables reflecting loan and borrower characteristics, industry and macroeconomic conditions, and several recovery process variables. We find that loan characteristics are more significant...

We study whether investment banks, which began to originate syndicated loans in 1996, price debt claims differently than commercial banks. Differences between the two institution types in funding access, regulation, accounting rules, scope economies, and the relevance of relationships could...

We analyze the relatively new phenomenon of ratings on syndicated loans. We examine whether credit ratings on these loans convey information to the capital markets. Our event study results show that while initial ratings and upgrades do not inform the market, downgrades do. The market...

Using Moody’s Ultimate Recovery Database, we estimate a model for bank loan recoveries using variables reflecting loan and borrower characteristics, industry and macroeconomic conditions, and several recovery process variables. We find that loan characteristics are more significant...

We reject the hypothesis that investment and commercial banks have identical loan-pricing policies. We find that compared to commercial banks, investment banks lend to less profitable, more lever aged firms, price riskier classes of term loans more generously, and offer relatively longer-term...

We analyze the relatively new phenomenon of credit ratings on syndicated loans, asking first whether they convey information to the capital markets. Our event studies show that initial loan ratings and upgrades are not informative, but downgrades are. The market anticipates downgrades to some...