The determinants of the financial institutions’ subscription in global syndicated loan market

• Main Authors: Tsai, Yi Chun, 蔡依純
• Other Authors: 張元晨
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/gf5ybw

碩士 === 國立政治大學 === 財務管理研究所 === 99 === Using a sample of global syndicated loan from 1987 to 2009, I collected data from LPC’s DealScan and Compustat database to examine which factors affect the determinants of the financial institutions’ subscription in global syndicated loan market. Using the oversubscribed syndicated loan as our sample, we test the intention of lenders’ subscription and the results show that the odds of oversubscription increased as the capital supply increased in the syndicated loan market. The primary factor for the increase of supply is when new investors, such as institutional investors or foreign banks, joined the syndicated loan market. Therefore, I find that the amount of capital supply can influence financial institutions’ subscription in the syndicated loan market.