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Europe vs. the U.S.: A new look at the syndicated loan pricing puzzle

Author

Listed:
  • Aurore Burietz

    (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - ULCO - Université du Littoral Côte d'Opale - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

  • Kim Oosterlinck

    (ULB - Université libre de Bruxelles)

  • Ariane Szafarz

    (Dulbéa - Département d'économie appliquée de l'université libre de Bruxelles - ULB - Université libre de Bruxelles)

Abstract

According to the syndicated loan pricing puzzle (Carey and Nini, 2007) interest rates charged to corporate borrowers are lower in Europe than in the U.S. Our investigation suggests that controlling for region-specific credit ratings makes the Europe–U.S. gap insignificant, and solves the puzzle. We speculate that the puzzle originates from the lack of uniformity of accounting standards.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Aurore Burietz & Kim Oosterlinck & Ariane Szafarz, 2017. "Europe vs. the U.S.: A new look at the syndicated loan pricing puzzle," Post-Print hal-01745253, HAL.
    • Handle: RePEc:hal:journl:hal-01745253
    DOI: 10.1016/j.econlet.2017.08.018
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    Cited by:

    1. Nguyen, Thanh Cong & Thuy, Tien Ho, 2023. "Geopolitical risk and the cost of bank loans," Finance Research Letters, Elsevier, vol. 54(C).
    2. Anastasia Cozarenco & Ariane Szafarz, 2023. "Financial inclusion in high-income countries: gender gap or poverty trap?," Chapters, in: Valentina Hartarska & Robert J. Cull (ed.), Handbook of Microfinance, Financial Inclusion and Development, chapter 15, pages 272-296, Edward Elgar Publishing.

    More about this item

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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