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What Drives the Dynamics of Bank Loan Renegotiation in Europe?

Godlewski, Christophe J. - 2013

I investigate the determinants of the duration between bank loan renegotiations using a sample of 1 600 amendments to private debt contracts in Europe. The median duration between loan amendments equals one year, although frequently renegotiated contracts are amended every five months. Employing...

Persistent link: https://www.econbiz.de/10013082564

Risk-Based Student Loans

Simkovic, Michael - 2013

Credit markets serve a vi ... …

Persistent link: https://www.econbiz.de/10013092316

Determinants of Multiple Bank Loan Renegotiations in Europe

Godlewski, Christophe J. - 2013

transparency and amendment characteristics halt the number of renegotiation rounds while the credit crisis of 2008 has the opposite …

Persistent link: https://www.econbiz.de/10013072819

Bank Monitoring and Financial Reporting Quality : The Case of Accounts-Receivable-Based Loans

Frankel, Richard M. - 2020

Using novel receivable-based-loan data, we study the effect of aging-report loan covenants on borrowers' accounts receivable reporting quality. Our purpose is to highlight a channel that lenders use to obtain private information and to understand whether lenders' information acquisition affects...

Persistent link: https://www.econbiz.de/10012842317

Lending Relationships and the Pricing of Syndicated Loans

Zhang, Donghang - 2020

Using a new dataset on syndicated loan primary market pricing adjustments, we examine whether relationship banks' information advantage facilitates price discovery in loan issuances. We find that the lead bank makes fewer adjustments to the initial pricing terms of a syndicated loan and shortens...

Persistent link: https://www.econbiz.de/10012844132

Discussion of 'Borrower Private Information Covenants and Loan Contract Monitoring'

Nikolaev, Valeri V. - 2017

Carrizosa and Ryan (2017) explore the use of private information covenants, which contractually oblige borrowers to provide their lenders with private information: projected or intra-quarter financial statements. The authors offer evidence that creditors acquire private information about...

Persistent link: https://www.econbiz.de/10012951596

Stock Loan Fees, Private Information, and Smart Lending

Henderson, Brian J. - 2019

Decomposing lending fees into predicted (fair) and residual (premium or discount) fees reveals overpricing among a third of hard-to-borrow stocks: those for which borrowers pay a premium. Despite paying the highest fees, they are the only profitable shorters. Their net annualized profits of 5%...

Persistent link: https://www.econbiz.de/10012901863

The Option Market Reaction to Bank Loan Announcements

Anagnostopoulou, Seraina C. - 2019

announcements. Our findings appear to be more pronounced for firms with more information asymmetry, lower credit ratings and loans …

Persistent link: https://www.econbiz.de/10012903492

Syndicated Credit Cut and Firm Performance

Shao, Pei - 2018

We employ a unique data set that tracks the changes of each lender's share commitment in each syndicated credit … facility in each year to study the relationship between credit cuts and the borrowing firms' future performance. Overcoming the … between different types of credit cuts (e.g., credit sale vs. credit reduction, loan sale vs. loan reduction, credit cuts by …

Persistent link: https://www.econbiz.de/10012937804

The Effect of Bond Market Transparency on Bank Loan Contracting

Chy, Mahfuz - 2020

We find that bond issuers receive bank loans with 11% fewer covenants when the secondary corporate bond market becomes more transparent. The treatment effect is more pronounced when the stock prices are less informative and when the debt-equity agency conflicts are more severe. The evidence...

Persistent link: https://www.econbiz.de/10012823348