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Does a banking relationship help a firm on the syndicated loans market in a time of financial crisis?

Author

Listed:
  • Herve Alexandre

    () (DRM - Dauphine Recherches en Management - Université Paris-Dauphine - CNRS - Centre National de la Recherche Scientifique)

  • Karima Bouaiss

    () (CERMAT - Centre d'Études et de Recherche en MAnagement de Touraine - Institut d'Administration des Entreprises (IAE) - Tours)

  • Catherine Refait-Alexandre

    () (CRESE - Centre de REcherches sur les Stratégies Economiques - UFC - UBFC - Université Bourgogne Franche-Comté - UFC - Université de Franche-Comté)

Abstract

The volume of credit granted in the form of syndicated loans saw a marked downturn in 2008. This article seeks to understand how certain firms were nonetheless able to benefit from larger facilities or a lower interest rate than others. Using a sample of syndicated loans issued in 2008 in North America and Europe, and records of syndicated loans since 2003, we show that firms that had developed a relationship with an investment bank obtained a lower spread, but did not benefit from greater loan facilities or longer maturities.

Suggested Citation

  • Herve Alexandre & Karima Bouaiss & Catherine Refait-Alexandre, 2010. "Does a banking relationship help a firm on the syndicated loans market in a time of financial crisis?," Working Papers halshs-00538328, HAL.
  • Handle: RePEc:hal:wpaper:halshs-00538328
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00538328
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    Keywords

    syndicated loans; banking relationship; credit rationing;

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