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We investigate how the introduction of market-based pricing, the practice of tying loan interest rates to credit default swaps, has affected bank financing. We find that market-based pricing is associated with lower interest rates, both at origination and during the life of the loan. Our results...
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Using information from bonds issued over the past twenty years, this study finds that the largest banks have a cost advantage vis-à-vis their smaller peers. This cost advantage may not be entirely due to investors' belief that the largest banks are “too big to fail” because the study also...
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Banks in the syndicated loan market have increased their distant lending over the last three decades. Lead banks play a role in participant banks' distant lending decisions but not in a way entirely consistent with them acting as “delegated” monitors. This is partly because participant banks...
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