Financial Institutions Network and the Certification Value of Bank Loans
研究金融机构网络对银行贷款认证价值的影响，发现银团中更核心的牵头行能显著提升贷款公告的股市反应，但这一效应在2008年金融危机期间消失。
Abstract Social networks play an important role in mitigating informational frictions related to financial intermediation, especially bank lending. We investigate the effect of the network of financial institutions on the certification value of bank loans using data on syndicated loans to European companies. We find that the presence of more central leaders in a syndicate substantially increases the stock market's reaction to loan announcements. This certification value is reinforced when informational frictions are more important but vanishes when there are severe disruptions in the functioning of financial markets, such as during the financial crisis of 2008.