Network analysis has become a key framework in financial economics in understanding how interconnectedness among market participants results in spillovers, amplifies or absorbs shocks, and creates other nonlinear effects that ultimately impact market health. In this paper, we propose a new...

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....