We analyze differences in the pricing of syndicated loans between U.S. and European loans. For credit lines, U.S. borrowers pay significantly higher spreads, but also lower fees, resulting in similar total costs of borrowing in both markets. For term loans, U.S. firms pay significantly higher...

More than 80% of U.S. syndicated loans contain at least one fee type and contracts typically specify a menu of spreads and fee types. We test the predictions of existing theories on the main purposes of fees and provide supporting evidence that: (1) fees are used to price options embedded in...

Corporate borrowing has substantially changed over the last two decades. In this paper, we investigate changes in borrowing of U.S. publicly listed firms along trends in five key areas: (1) the funding mix of firms and the importance of balance-sheet versus off-balance-sheet borrowing; (2) the...

This online appendix to "Brexit" and the Contraction of Syndicated Lending presents further robustness tests of the Brexit effect, cross-sectional results of the Brexit effect for UK firms, further results on the type of the shock the Brexit represents, the Siamese Twins matching methodology as...

Corporate borrowing has substantially changed over the last two decades. In this article, we investigate changes in borrowing of US publicly listed firms along trends in five key areas: (a) the funding mix of firms and the importance of balance-sheet versus off-balance-sheet borrowing; (b) the...

This paper studies the interconnectedness of banks in the syndicated loan market as a major source of systemic risk. We develop a set of novel measures to describe the "distance" (similarity) between two banks' syndicated loan portfolios and find that such distance explains how banks are...