Monitoring, Financial Distress, and the Structure of Commercial Lending Syndicates

We examine the size and composition of commercial lending syndicates. Syndicates are smaller and more concentrated when there is little information about the borrower, when credit risk is relatively high, and when a loan is secured. This suggests syndicates are structured to enhance monitoring effor...

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Veröffentlicht in:	Financial management 2004-10, Vol.33 (3), p.107-130
Hauptverfasser:	Lee, Sang Whi, Mullineaux, Donald J.
Format:	Artikel
Sprache:	eng
Schlagworte:	Bank loans Banking industry Banks Broadcast syndication Commercial banks Commercial credit Correlation analysis Costs Credit risk Finance companies Financial instruments Herfindahl Hirschman index Information management Loan defaults Loan originations Loans Organization theory Organizational structure Participating loans Reputations Resale Secured loans Size of enterprise Studies Syndicates Syndicates & syndication
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