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Senior debt and market discipline: Evidence from bank-to-bank loans

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  • Francis, Bill
  • Hasan, Iftekhar
  • Liu, LiuLing
  • Wang, Haizhi

Abstract

We empirically investigate whether taking senior bank loans would enhance market discipline and control risk-taking among borrowing banks. Controlling for endogeneity concern arising from borrowing bank self-select into taking senior bank debt, we document that both the spreads and covenants in loan contracts are sensitive to bank risk variables. Our analysis also reveals that borrowing banks reduce their risk exposure after their first issuance of senior bank debt. We also find that lending banks significantly increase their collaboration with borrowing banks and increase their presence in the home markets of borrowing banks.

Suggested Citation

  • Francis, Bill & Hasan, Iftekhar & Liu, LiuLing & Wang, Haizhi, 2019. "Senior debt and market discipline: Evidence from bank-to-bank loans," Journal of Banking & Finance, Elsevier, vol. 98(C), pages 170-182.
  • Handle: RePEc:eee:jbfina:v:98:y:2019:i:c:p:170-182
    DOI: 10.1016/j.jbankfin.2018.11.005
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    More about this item

    Keywords

    Market discipline; Private monitoring; Bank senior debt; Bank-to-bank loans;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance

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