In this paper, we study the organizational form of loan syndicates, how banks choose their syndicate partners and how this affects syndicate structure, loan pricing, and borrower performance. We develop a set of novel measures in terms of the distance in lending expertise with respect to both...

Banks develop network connections through co-syndication relationships with multiple lenders. We create measures of network centrality based on banks' historical co-syndication ties and find that well-connected lenders are more likely to gain lead underwriter status and offer better loan terms....

We represent the market for syndicated loans as a dynamic financial network and find that financial institutions have developed strong cross-border linkages over the 2000–2019 period. The most-connected financial institutions hold large shares of leveraged and covenant-lite loans. Our analysis...

This study aims to assess interconnectedness and risk in the market for syndicated loans to Japan's real estate investment trusts (J-REITs) from fiscal year (FY) 2013 to FY 2020 and the first half of FY 2021. Network analysis indicates that Japanese major banks, large regional banks, and J-REITs...

There is a growing debate in law, economics and sociology about contractual business networks as a hybrid form of cooperation that combines governance elements from market and firm. Most treatments of the subject focus on the structures of supply and distribution networks and their consequences...