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Firm Size Dependence in the Determinants of Bank Term Loan Maturity

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  • Steven A. Dennis
  • Ian G. Sharpe
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    Abstract

    We examine the hypothesis that firm size affects the sensitivity of bank term loan maturity to its underlying determinants. As borrower size increases, negotiating power with the lender and information transparency increase, while the lender is able to spread the fixed costs of loan production across a larger dollar value of the loan. We find strong evidence of firm size dependency in the determinants of bank term loan maturity and show that this is unrelated to syndication. Only "large" borrowers can manipulate bank loan contract terms so as to increase firm value. Copyright Blackwell Publishers Ltd, 2005.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.

    Volume (Year): 32 (2005-01)
    Issue (Month): 1-2 ()
    Pages: 31-64

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    Handle: RePEc:bla:jbfnac:v:32:y:2005-01:i:1-2:p:31-64

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X

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    Web: http://www.blackwellpublishing.com/subs.asp?ref=0306-686X

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    Cited by:
    1. Weill, Laurent & Godlewski, Christophe, 2006. "Does Collateral Help Mitigate Adverse Selection ? A Cross-Country Analysis," MPRA Paper 2508, University Library of Munich, Germany.

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