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Debt ownership by equity-holding managers aligns their incentives more closely with those of creditors, thereby reducing agency costs of debt. We test this hypothesis by examining how terms of bank loans are related to executive pension and deferred compensation, i.e., inside debt held by...
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I look at the relationship between corporate loan terms and connections of board members to bankers through employment on other boards, a connection less likely to be affected by confounding factors. Specifically, I examine whether loan terms such as pricing and maturity as well as other loan...
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We examine the effect of credit default swap (CDS) trading on firm investment, finding a post-CDS introduction decrease … in credit supply due to a reduction of strategic default or regulatory capital requirement appears less important …
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replicate the optimal contract. The sponsor provides an internal credit enhancement out of the proceeds of the sale and extends …
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-backed securities (CMBS) as the less informed source of credit. In equilibrium, these investors fund properties with a low probability …
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Comparing banks to non-bank lenders, we investigate whether the geographical distance between lenders, borrowers and their properties is reflected in the pricing of US mortgages that were included in US CMBS pools during the 2000 to 2017 period. The difference in loan spread when bank-borrower...
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