The “Dominant Bank Effect:” How High Lender Reputation Affects the Information Content and Terms of Bank Loans
研究发现美国三大主导银行发放贷款时，借款人股价反应更积极，且这些银行收取更低利率、更少依赖抵押保护，表明其筛选和监控声誉更高。
Three large banks control over half of the U.S. commercial loan market by volume through the syndication process. Using attributes of a borrower's location to instrument for lender-- borrower matching, I show that the borrower stock price response to a loan announcement is more favorable if one of these dominant banks is the lender, especially if the borrower is "opaque." I then show that these banks charge lower interest rates and are more likely to lend without the protection of a borrowing base. The results suggest that the dominant banks have a particularly high reputation for screening and monitoring borrowers. The Author 2010. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.