Bank Balance Sheets and the Value of Lending

Bank Balance Sheets and the Value of Lending
We study 1,400 UK syndicated loans, together with the financial history of the lead bank and the borrowing firm. We interpret abnormal equity returns around loan announcements as the value of the lending relationship to the firm. We find that: (i) Consistent with previous evidence, the value of lending is higher when the firm is riskier or more... READ MORE...

Publication date: May 2017
ISBN 9781475599053
$18.00

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