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Market response to syndicated loan announcements from high‐profile failed and acquiring banks during the global financial crisis

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  • Dominic Gasbarro
  • Kim‐Song Le
  • Robert G. Schwebach
  • J. Kenton Zumwalt

Abstract

Previous studies that have examined the impact of the 2008 financial crisis on syndicated loans have ignored potential differences between lending banks by explicitly or implicitly aggregating all lenders together and focusing on borrower characteristics. One must jointly consider both borrower and lender to fully understand the complex role of the syndicate during this period. We consider the identity of the lender, with a focus on five major US banks that failed and their five corresponding acquirers. Our results highlight the distinct roles of investment and commercial banks and facilitate an understanding of relationship and transactional‐based lending.

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  • Dominic Gasbarro & Kim‐Song Le & Robert G. Schwebach & J. Kenton Zumwalt, 2020. "Market response to syndicated loan announcements from high‐profile failed and acquiring banks during the global financial crisis," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(1), pages 435-470, March.
    • Handle: RePEc:bla:acctfi:v:60:y:2020:i:1:p:435-470
    DOI: 10.1111/acfi.12493
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