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Syndicated Loans in Emerging Markets

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  • Christophe J. Godlewski

    ()
    (Laboratoire de Recherche en Gestion et Economie, Université Louis Pasteur)

  • Laurent Weill

Abstract

There has been a considerable expansion of the volume of syndicated loans in emerging markets in the recent years. We provide the first analysis of the determinants of the decision of banks to syndicate a loan on a sample of loan facilities from 50 emerging countries. We show the significant role of loan characteristics and of financial development, banking regulation, and legal institutions, on the decision to syndicate a loan. We support the efforts of authorities to increase banking competition and efficiency, and to implement binding banking regulation on capital requirement to promote the expansion of syndicated loans.

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Bibliographic Info

Paper provided by Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg in its series Working Papers of LaRGE Research Center with number 2007-03.

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Date of creation: 2007
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Handle: RePEc:lar:wpaper:2007-03

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Keywords: Bank; Loan; Syndication; Emerging Markets; Logit Regressions.;

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References

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  1. Rajan, Raghuram & Winton, Andrew, 1995. " Covenants and Collateral as Incentives to Monitor," Journal of Finance, American Finance Association, American Finance Association, vol. 50(4), pages 1113-46, September.
  2. Pennacchi, George G, 1988. " Loan Sales and the Cost of Bank Capital," Journal of Finance, American Finance Association, American Finance Association, vol. 43(2), pages 375-96, June.
  3. Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc.
  4. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Legal Determinants of External Finance," Working Paper 19443, Harvard University OpenScholar.
  5. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
  6. Sang Whi Lee & Donald J. Mullineaux, 2004. "Monitoring, Financial Distress, and the Structure of Commercial Lending Syndicates," Financial Management, Financial Management Association, Financial Management Association, vol. 33(3), Fall.
  7. Gregory P. Nini, 2004. "The value of financial intermediaries: empirical evidence from syndicated loans to emerging market borrowers," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 820, Board of Governors of the Federal Reserve System (U.S.).
  8. Beck, T.H.L. & Demirgüç-Kunt, A. & Levine, R., 2000. "A new database on financial development and structure," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125518, Tilburg University.
  9. Yener Altunbas & Blaise Gadanecz, 2004. "Developing Country Economic Structure and the Pricing of Syndicated Credits," Journal of Development Studies, Taylor & Francis Journals, vol. 40(5), pages 143-173.
  10. Jimenez, Gabriel & Saurina, Jesus, 2004. "Collateral, type of lender and relationship banking as determinants of credit risk," Journal of Banking & Finance, Elsevier, Elsevier, vol. 28(9), pages 2191-2212, September.
  11. Benjamin C. Esty, 2001. "Structuring Loan Syndicates: A Case Study Of The Hong Kong Disneyland Project Loan," Journal of Applied Corporate Finance, Morgan Stanley, Morgan Stanley, vol. 14(3), pages 80-95.
  12. Allen N. Berger & Gregory F. Udell, 1988. "Collateral, loan quality, and bank risk," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 51, Board of Governors of the Federal Reserve System (U.S.).
  13. Pegaret Pichler, 2001. "A Theory of the Syndicate: Form Follows Function," Journal of Finance, American Finance Association, American Finance Association, vol. 56(6), pages 2237-2264, December.
  14. Gabriel Jiménez & Jesús Saurina, 2004. "Collateral, type of lender and relationship banking as determinants of credit risk," Banco de Espa�a Working Papers 0414, Banco de Espa�a.
  15. Esty, Benjamin C. & Megginson, William L., 2003. "Creditor Rights, Enforcement, and Debt Ownership Structure: Evidence from the Global Syndicated Loan Market," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 38(01), pages 37-60, March.
  16. Pegaret Pichler & William Wilhelm, 2001. "A Theory of the Syndicate: Form Follows Function," OFRC Working Papers Series, Oxford Financial Research Centre 2001fe05, Oxford Financial Research Centre.
  17. Linda Allen & Aron Gottesman, 2006. "The Informational Efficiency of the Equity Market As Compared to the Syndicated Bank Loan Market," Journal of Financial Services Research, Springer, Springer, vol. 30(1), pages 5-42, August.
  18. Dennis, Steven A. & Mullineaux, Donald J., 2000. "Syndicated Loans," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 9(4), pages 404-426, October.
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Citations

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Cited by:
  1. Julián Caballero, 2012. "Banking Crises and Financial Integration," IDB Publications 78599, Inter-American Development Bank.
  2. Pessarossi, Pierre & Godlewski, Christophe J. & Weill, Laurent, 2012. "Foreign bank lending and information asymmetries in China: Empirical evidence from the syndicated loan market," Journal of Asian Economics, Elsevier, Elsevier, vol. 23(4), pages 423-433.
  3. Fungacova, Zuzana & Godlewski, Christophe J. & Weill, Laurent, 2009. "Asymmetric Information and Loan Spreads in Russia: Evidence from Syndicated Loans," BOFIT Discussion Papers, Bank of Finland, Institute for Economies in Transition 7/2009, Bank of Finland, Institute for Economies in Transition.
  4. Weill, Laurent & Godlewski, Christophe, 2012. "Why do large firms go for Islamic loans?," BOFIT Discussion Papers, Bank of Finland, Institute for Economies in Transition 7/2012, Bank of Finland, Institute for Economies in Transition.
  5. Godlewski, Christophe, 2008. "Duration of loan arrangement and syndicate organization," MPRA Paper 10953, University Library of Munich, Germany.
  6. Cerutti, Eugenio & Hale, Galina & Minoiu, Camelia, 2014. "Financial crises and the composition of cross-border lending," Working Paper Series, Federal Reserve Bank of San Francisco 2014-20, Federal Reserve Bank of San Francisco.
  7. Karima Bouaiss & Catherine Refait-Alexandre, 2009. "La structure des crédits syndiqués comme défense contre les problèmes informationnels - Une analyse empirique sur le marché français," Revue Finance Contrôle Stratégie, revues.org, revues.org, vol. 12(2), pages 35-68, June.

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