We examine the compensation strategies of commercial bank holding companies (BHCs) during 1992-2000. In particular, we analyze whether CEO compensation is more closely tied to the presence of growth options and to risk than has been revealed by earlier research. We also examine whether BHC entry...

We analyze participation by investment banks and other nonbank lenders in syndicated loan financings. We find that investment banks are more likely than commercial banks to lead syndicates to riskier borrowers and they participate more often than commercial banks in the riskier tranches of...

We show that small firms using syndicated loans for their mid- and long-term financial needs have significantly higher leverage than firms that do not borrow in this market. This difference cannot be attributed to firm characteristics like the availability of growth opportunities, asset...

We analyze the factors that influence the decision to secure a commercial loan. We find evidence that variables reflecting adverse selection, moral hazard, and the prospects for default all affect the likelihood a loan will be collateralized. We find no evidence in favor of the predictions of...

We examine the compensation strategies of commercial bank holding companies (BHCs) over the period 1992-2000 to assess the impact of some fundamental changes in their business activities. In particular, we seek to determine whether CEO compensation is more closely tied to the presence of growth...

We examine the factors that influence the structure (size and composition)of a commercial lending syndicate. We find that syndicates are smaller and more concentrated, as reflected in the Hirschman Herfindahl index for the lending group, when there is less information available about the...

This paper analyzes the market for syndicated loans, a hybrid of public and private debt. The market is large (over $1 trillion in 1997) and growing rapidly. While loan sales have been heavily researched, there has been little work on syndications, which differ in character from sales. We...

This study examines the impact of the establishment of the Federal Reserve's source of strength policy on bank holding companies (BHCs). No significant change in share price or systematic risk was detected for BHCs with all healthy bank subsidiaries. In contrast, those BHCs with financially...

<title>Abstract</title> Studies of the role of venture capital in the IPO process generally assume that all venture capitalists are alike. We relax this assumption and focus on the role of venture capitalists affiliated with either commercial or investment banks. We find that firms backed by these bank venture...