A Comparison of Syndicated Loan Pricing at Investment and Commercial Banks
发现投资银行与商业银行的贷款定价策略不同：投资银行向盈利较差、杠杆更高的企业放贷，对风险更高的定期贷款定价更宽松，且通常提供更长期限的信用，但整体信用利差更高；当商业银行作为联合安排人时，溢价会下降。
We reject the hypothesis that investment and commercial banks have identical loan‐pricing policies. We find that compared to commercial banks, investment banks lend to less profitable, more lever aged firms, price riskier classes of term loans more generously, and offer relatively longer‐term credits, usually with term, not commitment contracts. Investment banks typically establish higher credit spreads, although the premium declines when a commercial bank joins as syndicate co‐arranger. Investment banks also price riskier classes of term loans more generously to borrowers than do commercial banks. Commercial‐bank funding advantages do not appear to be a source of the pricing differences.