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Banking relationship and syndicated loans during the last financial crisis

Bouaiss, Karima; Refait-Alexandre, Catherine; Alexandre, Hervé (2011-06), Banking relationship and syndicated loans during the last financial crisis, 28th GdRE Annual International Symposium on Money, Banking and Finance, 2011-06, Reading, Royaume-Uni

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BouaissKarima.pdf (112.7Kb)
Type
Communication / Conférence
Date
2011-06
Titre du colloque
28th GdRE Annual International Symposium on Money, Banking and Finance
Date du colloque
2011-06
Ville du colloque
Reading
Pays du colloque
Royaume-Uni
Pages
21
Métadonnées
Afficher la notice complète
Auteur(s)
Bouaiss, Karima

Refait-Alexandre, Catherine cc

Alexandre, Hervé
Dauphine Recherches en Management [DRM]
Résumé (EN)
Banking relationship has been showed to be important in lending, especially in small business lending. Few studies focus on banking relationship in syndicated loan, although they have became a major way of financing. The last financial crisis has clearly shown credit rationing, and credit conditions tightening, even in syndicated loans market. We investigate whether banking relationship helps firms to benefit from better syndicated loans terms in a chaotic financial environment. Using a sample of syndicated loans issued in 2008 in North America and Europe, and records of syndicated loans since 2003, we find that firms that had developed a previous relationship with an investment bank obtained a lower spread and for longer maturity during the financial crisis but did not benefit from greater loan facilities.
Mots-clés
Syndicated loans; banking relationship
JEL
G10 - General
G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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Affichage des éléments liés par titre et auteur.

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