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to lead arrangers by purchasing credit default swaps (CDSs) from lead arrangers with the capacity to sell such contracts …. Monitoring concentration appears to play a significant role in reducing lead arrangers' loan allocation, expanding syndicate size … credit, i.e., the amount of loans may not be drawn. Therefore, participant lenders also have less need to purchase CDS …
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There is wide agreement the US student loan system faces significant problems. Seven million borrowers are in default and many more experience non-repayment. The stress of repayments faced by many students results at least in part from the design of US student loans. Specifically, loans are...
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This paper examines the structure of debt covenants in small firms, with emphasis on privately owned firms. It is based on a survey of a large sample of firms drawn from the S&P Register of Corporations. The findings show that debt covenants imposed on small firms differ according to the firm...
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