دانلود مقاله ISI انگلیسی شماره 50408
عنوان فارسی مقاله

گسترش وام سندیکایی و ترکیب سندیکا

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
50408 2014 25 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
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عنوان انگلیسی
Syndicated loan spreads and the composition of the syndicate ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Economics, Volume 111, Issue 1, January 2014, Pages 45–69

کلمات کلیدی
وام های سندیکایی - گسترش بیمه - صندوق های تامینی
پیش نمایش مقاله
پیش نمایش مقاله گسترش وام سندیکایی و ترکیب سندیکا

چکیده انگلیسی

During the past decade, non-bank institutional investors are increasingly taking larger roles in the corporate lending than they historically have played. These non-bank institutional lenders typically have higher required rates of return than banks, but invest in the same loan facilities. In a sample of 20,031 leveraged loan facilities originated between 1997 and 2007, facilities including a non-bank institution in their syndicates have higher spreads than otherwise identical bank-only facilities. Contrary to risk-based explanations of this finding, non-bank facilities are priced with premiums relative to bank-only facilities in the same loan package. These non-bank premiums are substantially larger when a hedge or private equity fund is one of the syndicate members. Consistent with the notion that firms are willing to pay a premium when loan facilities are particularly important to them, the non-bank premiums are larger when borrowing firms face financial constraints and when capital is less available from banks.

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