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政大機構典藏 > 商學院 > 會計學系 > 期刊論文 > Item 140.119/110235

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/110235

Title:	Do local leads deliver contracting benefits? Evidence from emerging market syndicated loans?
Authors:	金成隆 Yeh, Yaying Mary Chou;Yao, Wei-Ren;Chin, Chen Lung
Contributors:	會計系
Keywords:	Syndicated loan;emerging markets;loan spread;financial covenants;lead arranger
Date:	2016-10
Issue Date:	2017-06-12 17:45:13 (UTC+8)
Abstract:	This study examines whether local leads benefit bank loan contracting. Based on 2019 loans from emerging markets in 2000–2010, we find significant differences in the lending behaviors between foreign and local lead banks. Foreign lead loans contain significantly higher spread and more financial covenants than those led by all local banks. The inclusion of local banks to colead loans deliver contracting benefits as we find mixed lead loans offer lower spread and prescribe substantially more financial covenants than all foreign lead banks. Local bank involvement reduces information asymmetry between foreign lenders and local borrowers, resulting in less rigorous contracting terms.
Relation:	Asia-Pacific Journal of Accounting & Economics
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1080/16081625.2017.1296779
DOI:	10.1080/16081625.2017.1296779
Appears in Collections:	[會計學系] 期刊論文

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