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Duration of syndication process and syndicate organization

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  • Christophe J. Godlewski

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

Abstract

What is the influence of syndicate organization on the duration of a loan syndication process? We answer this question using the survival analysis methodology on a sample of loans to borrowers from 59 countries. We find that syndicate size, concentration, experience, reputation, and national diversity clearly matters for the duration of a syndication process and therefore for borrower satisfaction regarding the speed of obtaining the necessary funding. A syndicate organization adapted to specific agency problems of syndication, with numerous, reputable, and experienced arrangers retaining a larger portion of the loan reduces the duration. The latter is also shorter when more lenders come from the same country as the borrower. These effects are more pronounced when the borrower has a low reputation on the syndicated lending market and when his opacity is stronger.

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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 2008-20.

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Date of creation: 2008
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Handle: RePEc:lar:wpaper:2008-20

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Related research

Keywords: Syndicated loan; syndication process; syndicate organiza- tion; agency costs; experience; reputation; nationality; survival analysis.;

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