G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7037
DP7037 The Experimental Approach to Development Economics
Abhijit Banerjee; Esther Duflo
发表日期2008-11-10
出版年2008
语种英语
摘要We investigate whether cultural differences between professional decision-makers affect financial contracts in a large dataset of international syndicated bank loans. We find that lead banks offer smaller loans at a higher interest rate to more culturally distant borrowers. Furthermore, lead banks are more likely to require third-party guarantees as cultural distance with the borrower increases. The effects of cultural differences are not confined to the relation between borrower and lender and appear to hamper risk sharing within the syndicate as well. Ceteris paribus, participant banks fund smaller portions of syndicated loans led by culturally distant banks. These cultural biases are not significantly reduced by repeated interaction with the counterparty or with other agents in the foreign country.
主题Financial Economics
关键词Behavioral bias Culture Financial contracts Home bias Risk sharing Syndicated loans
URLhttps://cepr.org/publications/dp7037
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/535874
推荐引用方式
GB/T 7714
Abhijit Banerjee,Esther Duflo. DP7037 The Experimental Approach to Development Economics. 2008.
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