I investigate whether and how syndicate size influences the type of covenants used in debt contracts. Prior theory and evidence suggest that renegotiation considerations from coordination difficulties in large syndicates and intertemporal transfers due to relationship lending in small syndicates...

I investigate whether and how syndicate size influences the type of covenants used in debt contracts. Prior theory and evidence suggest that renegotiation considerations from coordination difficulties in large syndicates and intertemporal transfers due to relationship lending in small syndicates...

We study the voting rules to modify, amend, and renegotiate syndicated loan contracts. We base our hypotheses on a model that shows how amendment thresholds can mitigate agency conflicts within the lending syndicate. Consistent with our model predictions, we find that voting rules are more...