| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16452 |
| DP16452 Ownership Concentration and Performance of Deteriorating Syndicated Loans | |
| Mariassunta Giannetti; Ralf Meisenzahl | |
| 发表日期 | 2021-08-13 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Regulation and capital constraints may force banks and collateralized loan obligations (CLOs) to sell deteriorating loans, potentially hampering renegotiation and amplifying the initial negative shock to the borrower. We show that banks and CLOs sell downgraded loans to mutual funds and hedge funds. The reallocation of loan shares favors the syndicate's concentration increasing lenders' incentives to renegotiate. However, syndicates remain less concentrated when potential buyers experience financial constraints and subsequently loans are less likely to be amended and more likely to be downgraded even further. Our findings indicate that existing regulations may amplify shocks to credit quality during periods of generalized distress in the financial system. |
| 主题 | Financial Economics |
| 关键词 | Debtor concentration Credit quality Leveraged lending |
| URL | https://cepr.org/publications/dp16452 |
| 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/545410 |
| 推荐引用方式 GB/T 7714 | Mariassunta Giannetti,Ralf Meisenzahl. DP16452 Ownership Concentration and Performance of Deteriorating Syndicated Loans. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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