Corporate ownership structure and bank loan syndicate structure

Using a novel data set on corporate ownership and control, we show that the divergence between the control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant impact on the concentration and composition of the firm's loan syndicate. When the control-o...

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Veröffentlicht in:	Journal of financial economics 2012-04, Vol.104 (1), p.1-22
Hauptverfasser:	Lin, Chen, Ma, Yue, Malatesta, Paul, Xuan, Yuhai
Format:	Artikel
Sprache:	eng
Schlagworte:	Bank loans Borrowing Business ownership Cash flow Corporate governance Corporate planning Due diligence Economic structure Excess control rights Firm theory Ownership and control Ownership structure Participating loans Studies Syndicated loans
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