کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
961534 | 929868 | 2008 | 38 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Liquidity in the pricing of syndicated loans
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
We examine whether banks price expected liquidity in US syndicated term loans. Using extensive data we show that loans with higher expected liquidity have significantly lower spreads at origination, controlling for other determinants of loan spreads such as borrower, loan, syndicate and macroeconomic variables. A matched sample analysis confirms our results. We estimate that the pricing of expected liquidity results in annual savings of over $1.6 billion to the borrowers, in our sample alone. For the first time in the literature, we identify what influences the decision of financial intermediaries to make secondary markets for an asset, and the consequent pricing impact of this decision in the primary market.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Markets - Volume 11, Issue 4, November 2008, Pages 339-376
Journal: Journal of Financial Markets - Volume 11, Issue 4, November 2008, Pages 339-376
نویسندگان
Anurag Gupta, Ajai K. Singh, Allan A. Zebedee,