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During the past decade non-bank institutional investors are increasingly taking larger roles in the corporate lending than they historically have played. These non-bank institutional lenders typically have higher required rates of return than banks, but invest in the same loan facilities. In a...
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The past decade has seen significant changes in the structure of the corporate lending market, with non-bank institutional investors playing larger roles than they historically have played. These non-bank institutional lenders typically have higher required rates of return than banks, but invest...
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In the mid-1990s, institutional investors entered the syndicated loan market and started to serve borrowers as lead arrangers. Why are non-banks able to compete for this role against banks? How do the composition of syndicates and loan pricing differ among lead arrangers? By using a dataset of...
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The Farm Credit System (FCS) is an important source of financing for many rural communities in the United States. As a … government-sponsored enterprise (GSE), the FCS has a mandate to provide credit to farmers, ranchers, and aquatic producers at … syndicated loan market. This paper investigates whether FCS participation in this market affects the supply and pricing of credit …
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