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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/63599


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    题名: The Cascade Effect on Lending Conditions: Evidence from the Syndicated Loan Market
    作者: 張元晨;張興華
    Chang,Yuan-Chen;Wu, Wei-Shao;Chang, Hsing-Hua;Sandy Suardi
    贡献者: 財管系
    关键词: syndicated loans;informational cascades;financial networks;segmentation
    日期: 2012.12
    上传时间: 2014-01-28 11:47:05 (UTC+8)
    摘要: 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.
    關聯: Journal of Business Finance and Accounting, forthcoming, 40(9-10),1247-1275
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1111/jbfa.12050
    DOI: 10.1111/jbfa.12050
    显示于类别:[財務管理學系] 期刊論文

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