The Effects of Market Technical on Loan Spread : Evidence From Global Syndicated Loans

• Main Author: 李孟芳
• Other Authors: 張元晨
• Format: Others
• Language: en_US
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/97698617658012618064

碩士 === 國立政治大學 === 財務管理研究所 === 98 === Using a sample of more than 23,000 syndicated tranches to borrowers from 63 countries for the 1982-2009 period, we test the influence of the supply and demand side effects on loan spread. Our results show that supply side effect leads to a significant lower spread, but in some countries with higher appetite of institutional investors, such as U.S. and Spain, these results do not hold. We find that the negative effect above mentioned on spread will be significant for firms whose original loan spread is much higher; i.e., firms with serious financial constraint or low investment opportunity.