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Does a banking relationship help a firm on the syndicated loans market in a time of financial crisis?

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Author Info

  • Herve Alexandre

    ()
    (DRM - Dauphine Recherches en Management - CNRS : UMR7088 - Université Paris Dauphine - Paris IX)

  • Karima Bouaiss

    ()
    (CERMAT - Centre d'Etudes et de Recherche en MAnagement de Touraine - IAE de Tours)

  • Catherine Refait-Alexandre

    ()
    (CRESE - Centre de REcherches sur les Stratégies Economiques - Université de Franche-Comté : EA)

Abstract

The volume of credit granted in the form of syndicated loans saw a marked downturn in 2008. This article seeks to understand how certain firms were nonetheless able to benefit from larger facilities or a lower interest rate than others. Using a sample of syndicated loans issued in 2008 in North America and Europe, and records of syndicated loans since 2003, we show that firms that had developed a relationship with an investment bank obtained a lower spread, but did not benefit from greater loan facilities or longer maturities.

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Bibliographic Info

Paper provided by HAL in its series Working Papers with number halshs-00538328.

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Date of creation: 15 Sep 2010
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Handle: RePEc:hal:wpaper:halshs-00538328

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Keywords: syndicated loans; banking relationship; credit rationing;

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