Chaudhry, Sajid M.; Kleimeier, Stefanie - 2013 - Version: March 6, 2013
This study explores the impact of information asymmetry between lenders and borrowers on loan syndicate structure. Using a sample of 17,839 loans raised by 8,701 US firms between January 1986 and August 2007, we confirm existing evidence that lead arrangers form concentrated syndicates when...