منابع مشابه
Asymmetric Information: the Case of Bank Loan Commitments
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Loan commitments represent more than 82 percent of all commercial and industrial loans by domestic banks. This paper develops a valuation model for loan commitments incorporating early exercise, multiple fees, partial exercise and credit risk. The model is analytically tractable and easy to implement. Using a sample of commercial paper backup credit lines from the Dealscan database, we show tha...
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Using a large sample of loans initiated by firms targeted by hedge fund activists during 19942008, we show that hedge fund activism has significant impacts on firms’ bank loan contracts. After the targeting announcement and relative to firms that are not targeted, the targeted firms pay significantly higher spreads, are more likely to be required to secure their loans, face more covenant restri...
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ژورنال
عنوان ژورنال: Journal of Banking & Finance
سال: 1991
ISSN: 0378-4266
DOI: 10.1016/0378-4266(91)90045-n