Utilize este identificador para referenciar este registo: http://hdl.handle.net/10362/16115
Título: Universal banks and corporate control: Evidence from the global syndicated loan market
Autor: Ferreira, Miguel A.
Matos, Pedro
Palavras-chave: Corporate boards
Institutional ownership
Syndicated loans
Universal banking
Data: Abr-2012
Editora: Oxford University Press
Citação: 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
Resumo: 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.
Peer review: yes
URI: http://hdl.handle.net/10362/16115
DOI: 10.1093/rfs/hhs076
Versão do Editor: http://rfs.oxfordjournals.org/content/25/9/2703
Aparece nas colecções:NSBE: Nova SBE - Artigos em revista internacional com arbitragem científica

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