Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle
研究发现，在其他条件相同的情况下，欧洲银团贷款利差显著低于美国，且差异无法用借款方、贷款或银行特征解释。借款方偏好本土市场且银行存在本土偏好，这可能是定价差异持续存在的原因，但根源仍是谜题。
ABSTRACT We offer evidence that interest rate spreads on syndicated loans to corporate borrowers are economically significantly smaller in Europe than in the United States, other things equal. Differences in borrower, loan, and lender characteristics do not appear to explain this phenomenon. Borrowers overwhelmingly issue in their natural home market and bank portfolios display home bias. This may explain why pricing discrepancies are not competed away, though their causes remain a puzzle. Thus, important determinants of loan origination market outcomes remain to be identified, home bias appears to be material for pricing, and corporate financing costs differ across Europe and the United States.