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

Listed author(s):
  • Karima Bouaiss

    (Axe 2 : « Marchés, Cultures de consommation, Autonomie et Migrations » (MSHS Poitiers) - MSHS - Unite mixte de service maison des sciences de l'homme et de la société de Poitiers - Université de Poitiers - CNRS - Centre National de la Recherche Scientifique, CEREGE - CEntre de REcherche en GEstion - Université de Poitiers - Institut d'Administration des Entreprises (IAE) - Poitiers)

  • Catherine Refait-Alexandre

    ()

    (CRESE - Centre de REcherches sur les Stratégies Economiques - UFC - UBFC - Université Bourgogne Franche-Comté - UFC - Université de Franche-Comté, LCE - Laboratoire Chrono-environnement - UBFC - Université Bourgogne Franche-Comté - CNRS - Centre National de la Recherche Scientifique - UFC - Université de Franche-Comté)

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.

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File URL: https://hal.archives-ouvertes.fr/hal-01391670/document
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Paper provided by HAL in its series Post-Print with number hal-01391670.

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Date of creation: 2009
Publication status: Published in Finance Contrôle Stratégie, Association FCS, 2009, 12 (2), pp.35 - 68.
Handle: RePEc:hal:journl:hal-01391670
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01391670
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  2. Casolaro, Luca & Focarelli, Dario & Pozzolo, Alberto Franco, 2003. "The Pricing Effect of Certification on Bank Loans: Evidence from the Syndicated Credit Market," Economics & Statistics Discussion Papers esdp03010, University of Molise, Dept. EGSeI.
  3. Maretno Harjoto & Donald J. Mullineaux & Ha-Chin Yi, 2006. "A Comparison of Syndicated Loan Pricing at Investment and Commercial Banks," Financial Management, Financial Management Association International, vol. 35(4), pages 49-70, December.
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  8. Rajan, Raghuram & Winton, Andrew, 1995. " Covenants and Collateral as Incentives to Monitor," Journal of Finance, American Finance Association, vol. 50(4), pages 1113-1146, September.
  9. Narayanan, Rajesh P. & Rangan, Kasturi P. & Rangan, N.K.Nanda K., 2004. "The role of syndicate structure in bank underwriting," Journal of Financial Economics, Elsevier, vol. 72(3), pages 555-580, June.
  10. Christophe J. Godlewski, 2007. "Les déterminants de la décision de syndication bancaire en France," Working Papers of LaRGE Research Center 2007-02, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
  11. Maretno Harjoto & Donald Mullineaux & Ha-Chin Yi, 2006. "A Comparison of Syndicated Loan Pricing at Investment and Commercial Banks," Financial Management, Financial Management Association, vol. 35(4), Winter.
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  14. Flannery, Mark J, 1986. " Asymmetric Information and Risky Debt Maturity Choice," Journal of Finance, American Finance Association, vol. 41(1), pages 19-37, March.
  15. Amir Sufi, 2007. "Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans," Journal of Finance, American Finance Association, vol. 62(2), pages 629-668, 04.
  16. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  17. William Wilhelm & Pegaret Pichler, 2001. "A Theory of the Syndicate: Form Follows Function," Economics Series Working Papers 2001-FE-05, University of Oxford, Department of Economics.
  18. Pegaret Pichler & William Wilhelm, 2001. "A Theory of the Syndicate: Form Follows Function," OFRC Working Papers Series 2001fe05, Oxford Financial Research Centre.
  19. Katerina Simons, 1993. "Why do banks syndicate loans?," New England Economic Review, Federal Reserve Bank of Boston, issue Jan, pages 45-52.
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