Abstract:We examine how syndicate structure affects loan pricing in international syndicated lending. Using extensive syndicated loan data across 103 countries from 1982 to 2012, we find that both measures of syndicate structure, the proportional number of lead arrangers, and the proportion of loan amount retained by lead arrangers in syndication, are significantly negatively related to loan risk premiums after controlling for contract and country characteristics. These findings indicate that, under informational frict… Show more
“…In Bae et al . (), the affiliation of the second author, Byung‐Uk Chong, was erroneously published as “College of Business Administration, Kookmin University”.…”
“…In Bae et al . (), the affiliation of the second author, Byung‐Uk Chong, was erroneously published as “College of Business Administration, Kookmin University”.…”
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.