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dc.creatorGrupp, Marcel
dc.date.accessioned2021-09-28T09:24:04Z
dc.date.available2021-09-28T09:24:04Z
dc.date.issued2015-04-01
dc.identifier.urihttps://fif.hebis.de/xmlui/handle/123456789/2201
dc.description.abstractIn the mid-1990s, institutional investors entered the syndicated loan market and started to serve borrowers as lead arrangers. Why are non-banks able to compete for this role against banks? How do the composition of syndicates and loan pricing differ among lead arrangers? By using a dataset of 12,847 leveraged loans between 1997 and 2012, I aim to answer these questions. Non-banks benefit from looser regulatory requirements, have industry expertise which helps them in the screening and monitoring of borrowers and focus on firms that ask for loans only instead of additional cross-selling of other services. I can show that non-banks specialize on more opaque and less experienced borrowers, are more likely than banks to choose participants that help to reduce potentially higher information asymmetries and earn 105 basis points more than banks.
dc.rightsAttribution-ShareAlike 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-sa/4.0/
dc.subjectCorporate Finance
dc.titleTaking the Lead: When Non-Banks Arrange Syndicated Loans
dc.typeWorking Paper
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1387?DealScan
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1376?Compustat
dc.source.filename100_SSRN-id2602196
dc.identifier.safeno100
dc.subject.keywordsnon-bank lead arrangers
dc.subject.keywordssyndicated loans
dc.subject.keywordsspread premium
dc.subject.jelG21
dc.subject.jelG23
dc.subject.jelG32
dc.subject.topic1ability
dc.subject.topic1share
dc.subject.topic1bank
dc.subject.topic2table
dc.subject.topic2dividend
dc.subject.topic2borrower
dc.subject.topic3syndication
dc.subject.topic3reason
dc.subject.topic3negotiates
dc.subject.topic1nameCorporate Governance
dc.subject.topic2nameCorporate Finance
dc.subject.topic3nameStability and Regulation
dc.identifier.doi10.2139/ssrn.2602196


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