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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/63599

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/63599

Title:	The Cascade Effect on Lending Conditions: Evidence from the Syndicated Loan Market
Authors:	張元晨;張興華 Chang,Yuan-Chen;Wu, Wei-Shao;Chang, Hsing-Hua;Sandy Suardi
Contributors:	財管系
Keywords:	syndicated loans;informational cascades;financial networks;segmentation
Date:	2012.12
Issue Date:	2014-01-28 11:47:05 (UTC+8)
Abstract:	This paper investigates, both theoretically and empirically, how interactions among potential lenders may influence contract terms via informational cascade in the syndicated loan market. Our model shows that the ex-post observed interest rate is higher and the probability of syndication failure is lower when potential lenders can only observe the decisions of their predecessors versus when they can freely communicate with each other. Empirical tests confirm the model’s predictions and the existence of a cascade effect on lending conditions. Using relational distance to proxy for the segmentation of communication, we find that relational distance is positively related to the loan spread and the requirements for collateral and guarantees, but negatively related to the probability of syndication failure.
Relation:	Journal of Business Finance and Accounting, forthcoming, 40(9-10),1247-1275
Data Type:	article
DOI link:	http://dx.doi.org/10.1111/jbfa.12050
DOI:	10.1111/jbfa.12050
Appears in Collections:	[Department of Finance] Periodical Articles

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