| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16142 |
| DP16142 Banking on Experience | |
| Hans Degryse; Sotirios Kokas; Raoul Minetti | |
| 发表日期 | 2021-05-12 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study the impact of different dimensions of banks' experience on the extent of banks' moral hazard in loan markets. Using rich U.S. corporate loan-level data, we find that banks' prior experience with borrowers and co-lenders reinforces their monitoring incentives. Banks' sectoral experience, in contrast, appears to dilute monitoring incentives, calling for a larger lead share in the lending syndicate. In cross-sectional tests, we unpack experience into different dimensions and study to what extent the various components of lenders' experience improve credit market outcomes. The key to our identification strategy is that we exploit variation in experience for the same bank at a given point in time across firms, sectors and other banks. In addition, bank mergers are used as an instrument to identify exogenous shocks to the stock of bank's experience. |
| 主题 | Financial Economics |
| 关键词 | Experience Relationship lending M&a's Syndicated loans |
| URL | https://cepr.org/publications/dp16142 |
| 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/545116 |
| 推荐引用方式 GB/T 7714 | Hans Degryse,Sotirios Kokas,Raoul Minetti. DP16142 Banking on Experience. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
