La structure des crédits syndiqués comme défense contre les problèmes informationnels : une analyse empirique sur le marché français
This article shows that, in a loan syndicate, the leading bank determines the syndicate's structure and the contract design to protect participant banks from the risks of asym-metric information. Consequently, firms are not charged a higher spread for lack of transparency. We provide empirical evidence on spreads of syndicated loans in the French market , from 2004 to 2006. Syndicate structure and loan characteristics are shown to depend on the presence of asymmetric information, whereas the spread is essentially explained by default risk, syndicate structure and loan characteristics.
|Date of creation:||2009|
|Publication status:|| Published in Finance Contrôle Stratégie, Association FCS, 2009, 12 (2), pp.35 - 68. |
|Note:||View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01391670|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
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