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

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Date
2011
Link to item file
http://halshs.archives-ouvertes.fr/halshs-00538328/fr/
Dewey
Economie financière
Sujet
Credit Rationing; Banking Relationship; Syndicated Loans
JEL code
G32; G21; G10
Conference name
Annual Meeting of the Midwest Finance Association
Conference date
03-2011
Conference city
Chicago
Conference country
Etats-Unis
URI
https://basepub.dauphine.fr/handle/123456789/5712
Collections
  • DRM : Publications
Metadata
Show full item record
Author
Refait-Alexandre, Catherine
Bouaiss, Karima
Alexandre, Hervé
Type
Communication / Conférence
Item number of pages
22
Abstract (EN)
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.

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