Publicação
Universal banks and corporate control: Evidence from the global syndicated loan market
| dc.contributor.author | Ferreira, Miguel A. | |
| dc.contributor.author | Matos, Pedro | |
| dc.date.accessioned | 2015-12-18T15:39:14Z | |
| dc.date.available | 2015-12-18T15:39:14Z | |
| dc.date.issued | 2012-04 | |
| dc.description.abstract | We investigate the effects of bank control over borrower firms whether by representation on boards of directors or by the holding of shares through bank asset management divisions. Using a large sample of syndicated loans, we find that banks are more likely to act as lead arrangers in loans when they exert some control over the borrower firm. Bank-firm governance links are associated with higher loan spreads during the 2003-2006 credit boom, but lower spreads during the 2007-2008 financial crisis. Additionally, these links mitigate credit rationing effects during the crisis. The results are robust to several methods to correct for the endogeneity of the bank- firm governance link. Our evidence, consistent with intertemporal smoothing of loan rates, suggests there are costs and benefits from banks’ involvement in firm governance. | pt_PT |
| dc.identifier.citation | This is a pre-copyedited, author-produced PDF of an article accepted for publication in Review of Financial Studies following peer review. The version of record Ferreira, M. A., & Matos, P. (2012). Universal Banks and Corporate Control: Evidence from the Global Syndicated Loan Market. Review of Financial Studies, 25(9), 2703–2744 is available online at: http://rfs.oxfordjournals.org/content/25/9/2703 | pt_PT |
| dc.identifier.doi | 10.1093/rfs/hhs076 | pt_PT |
| dc.identifier.uri | http://hdl.handle.net/10362/16115 | |
| dc.language.iso | eng | pt_PT |
| dc.peerreviewed | yes | pt_PT |
| dc.publisher | Oxford University Press | pt_PT |
| dc.relation | Universal Banking, Corporate Control and Crises | |
| dc.relation.publisherversion | http://rfs.oxfordjournals.org/content/25/9/2703 | pt_PT |
| dc.rights.uri | http://creativecommons.org/licenses/by-nd/4.0/ | pt_PT |
| dc.subject | Corporate boards | pt_PT |
| dc.subject | Institutional ownership | pt_PT |
| dc.subject | Syndicated loans | pt_PT |
| dc.subject | Universal banking | pt_PT |
| dc.title | Universal banks and corporate control: Evidence from the global syndicated loan market | pt_PT |
| dc.type | journal article | |
| dspace.entity.type | Publication | |
| oaire.awardNumber | 312558 | |
| oaire.awardTitle | Universal Banking, Corporate Control and Crises | |
| oaire.awardURI | info:eu-repo/grantAgreement/EC/FP7/312558/EU | |
| oaire.citation.endPage | 2744 | pt_PT |
| oaire.citation.issue | 25 | pt_PT |
| oaire.citation.startPage | 2703 | pt_PT |
| oaire.citation.title | Review of Financial Studies | pt_PT |
| oaire.citation.volume | 9 | pt_PT |
| oaire.fundingStream | FP7 | |
| project.funder.identifier | http://doi.org/10.13039/501100008530 | |
| project.funder.name | European Commission | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | article | pt_PT |
| relation.isProjectOfPublication | 8c3a98fd-f372-4251-aac9-00dffd9941b7 | |
| relation.isProjectOfPublication.latestForDiscovery | 8c3a98fd-f372-4251-aac9-00dffd9941b7 |