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We analyze collateralized loan obligation (CLO) transactions by European banks (1997 - 2004), trying to identify firm-specific and macroeconomic factors influencing an institution's securitization decision. CLO issuance seems to be an appropriate funding tool for large banks with high risk and...
Persistent link: https://www.econbiz.de/10010295947
We analyze collateralized loan obligation (CLO) transactions by European banks (1997 - 2004), trying to identify firm-specific and macroeconomic factors influencing an institution’s securitization decision. CLO issuance seems to be an appropriate funding tool for large banks with high risk and...
Persistent link: https://www.econbiz.de/10003721583
Persistent link: https://www.econbiz.de/10012989274
Persistent link: https://www.econbiz.de/10003751638
Persistent link: https://www.econbiz.de/10004929344
Persistent link: https://www.econbiz.de/10003648238
This paper studies optimal risk-taking and information disclosure by firms that obtain financing from both a relationshipʺ bank and arm’s-lengthʺ banks. We find that firm decisions are asymmetrically influenced by the degree of heterogeneity among banks: lowly-collateralized firms vary...
Persistent link: https://www.econbiz.de/10002733807
Small and medium-sized firms typically obtain capital via bank financing. They often rely on a mixture of relationship and arm’s-length banking. This paper explores the reasons for the dominance of heterogeneous multiple banking systems. We show that the incidence of inefficient credit...
Persistent link: https://www.econbiz.de/10002739869
Small and medium-sized firms often obtain capital via a mixture of relationship and arm's-length bank lending. We show that such heterogeneous multiple bank financing leads to a lower probability of ineefficient credit foreclosure than both monopoly relationship lending and homogeneous multiple...
Persistent link: https://www.econbiz.de/10003750303
This paper studies optimal risk-taking and information disclosure by firms that obtain financing from both a 'relationship' bank and 'arm's-length' banks. We find that firm decisions are asymmetrically influenced by the degree of heterogeneity among banks: lowly-collateralized firms vary optimal...
Persistent link: https://www.econbiz.de/10010263312