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Lender certification premiums
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DOI：10.1016/S0378-4266(02)00278-9.png)
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摘要
En 中文
The announcement of a bank loan by a borrowing firm has been shown to have a positive effect on the market value of the borrower's claims. This is consistent with a lender's implied endorsement of the borrower-an endorsement that has value to the borrower. In this paper, we investigate whether the lender is able to extract a premium loan rate or certification premium in return. We find empirical evidence that in the absence of collateral reputable lenders are able to exact a certification premium. (C) 2003 Elsevier Science B.V. All rights reserved.
Keyword:
bank lending
certification
loan pricing
期刊
J
IF:
3.8
论文数:
6.4K
被引数:
2.4W
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ECONOMIC JOURNAL
ECONOMIC JOURNALIF3.6
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