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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w17856 |
来源ID | Working Paper 17856 |
Equity-Holding Institutional Lenders: Do they Receive Better Terms? | |
Jongha Lim; Bernadette A. Minton; Michael S. Weisbach | |
发表日期 | 2012-02-23 |
出版年 | 2012 |
语种 | 英语 |
摘要 | The past decade has seen significant changes in the structure of the corporate lending market, with non-commercial bank institutional investors playing larger roles than they historically have played. In addition, non-commercial bank institutional lenders are often equity holders in their borrowing firms. In our sample of 11,137 tranches of institutional "leveraged" loans, 2,008 (18%) have a non-commercial bank institution that also owns at least 0.1% of the firm's equity. Such "dual holder" loan tranches have higher spreads than otherwise similar loan tranches without equity holder participation. The dual holder premium is present for both revolver and term loans, and exists within all non-investment grade credit rating classes. Contrary to risk-based explanations of this finding, dual holder tranches are priced with premiums relative to other tranches of the same loan package. Dual holding premiums are higher when the equity-holder's stake is larger, when the dual-holder's share in the loan is larger, and when the equity holder is a hedge fund or a private equity fund. These premiums likely represent additional compensation to dual holders for providing capital to firms when the firms are having difficulty raising capital otherwise. |
主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
URL | https://www.nber.org/papers/w17856 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575531 |
推荐引用方式 GB/T 7714 | Jongha Lim,Bernadette A. Minton,Michael S. Weisbach. Equity-Holding Institutional Lenders: Do they Receive Better Terms?. 2012. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w17856.pdf(395KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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