کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5069873 | 1373212 | 2010 | 8 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Financial distress, information asymmetry, and syndicate structure: Evidence from Japanese borrowers
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper examines how borrower firm characteristics affect syndicate size structure in the Japanese loan market for the 1999-2003 period when the banking system is undergoing a major consolidation. We find that syndicates are smaller when borrowers have higher credit risk and when borrowers present larger information asymmetries to the lending group. Interestingly, however, these results are primarily driven by keiretsu (business group) firms. This suggests that the benefits of enhanced monitoring and superior renegotiation prospects are especially useful for banks participating in syndicated loans to Keiretsu firms in Japan rather than informationally opaque, independent firms.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Finance Research Letters - Volume 7, Issue 2, June 2010, Pages 119-126
Journal: Finance Research Letters - Volume 7, Issue 2, June 2010, Pages 119-126
نویسندگان
Sang Whi Lee, Seung-Woog (Austin) Kwag, Donald J. Mullineaux, Kwangwoo Park,