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La structure des crédits syndiqués comme défense contre les problèmes informationnels – une analyse empirique sur le marché français

Author

Listed:
  • Catherine Refait-Alexandre
  • Karima Bouaiss

    (VALLOREM - Val de Loire Recherche en Management - UO - Université d'Orléans - UT - Université de Tours)

Abstract

Cet article montre que la banque chef de file structure le syndicat et le prêt de manière à limiter les incidences négatives des problèmes informationnels pour les banques, permettant aux firmes les plus opaques de ne pas subir un spread trop élevé. Nous estimons les déterminants du spread des prêts syndiqués sur le marché français, de 2004 à 2006. Nous vérifions que les asymétries d'information déterminent la structure du syndicat et les caractéristiques du prêt, alors que le spread est surtout influencé par le risque de défaut de l'emprunteur, par la structure du syndicat et par les caractéristiques du prêt

Suggested Citation

  • Catherine Refait-Alexandre & Karima Bouaiss, 2009. "La structure des crédits syndiqués comme défense contre les problèmes informationnels – une analyse empirique sur le marché français," Post-Print hal-00447162, HAL.
    • Handle: RePEc:hal:journl:hal-00447162
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    More about this item

    Keywords

    prêts syndiqués; transparence; asymétrie d'information; financement bancaire;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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