Large customer-supplier links and syndicate loan structure
نویسندگان
چکیده
Relationships between large customers and suppliers expose lenders to additional risks. These risks may force lead agents retain a larger share of syndicated loans, reducing loan-level diversification, and, in turn, increasing the required interest rate spread. Consistent with this view, we find that borrowers' dependence on few or positively affects cost loans indirectly through loan structure. Instead, do not observe direct associated customer-supplier links, suggesting increase spread as compensation for dealing borrowers links per se. Finally, document an inverted U-shaped relationship length link held by agent.
منابع مشابه
Supplier Short Selling and Customer News
This paper examines whether short sellers exploit information in economically linked firms to undertake profitable trades. Using newly available information on firm-level customer-suppliercompetitor relationships and Reg SHO daily short sales data, we find that the short selling of supplier stock increases with negative post-news customer returns, and that the relation becomes more pronounced i...
متن کاملLoan Portfolio Diversification, Market Structure and Financial Stability of Banks
The purpose of this study is to investigate the effect of bank loan portfolio diversification and market structure on the financial stability of banks in the countrychr('39')s capital market. In order to achieve the above goal, the financial data of 17 banks have been used as unbalanced panels in the period from 2005 to 2018. In this study, data analysis was performed using fixed effects model...
متن کاملCustomer-Supplier Issues in Software Development
Many studies list the customer-supplier -relationship related issues among the most important reasons for software project failures. Today most of the software development is done outside the organization actually using the software, so the organizational interface of customer and supplier is something that we just need to live with. Since it is not possible, or desirable, to eliminate this int...
متن کاملA Customer-supplier Paradigm for Service Science
Recent articles have proposed that the future of services research may be at risk due to the foundation upon which the services discipline has been built. Indeed, the most fundamental issue of the service discipline or science is still subject to debate, namely the paradigm that answers the question “What is a service?” Common paradigms of services have been criticized in the literature as bein...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Corporate Finance
سال: 2021
ISSN: ['0929-1199', '1872-6313']
DOI: https://doi.org/10.1016/j.jcorpfin.2020.101844