The Total Cost of Corporate Borrowing in the Loan Market: Don't Ignore the Fees
研究发现美国银团贷款中超过80%包含费用，费用用于定价贷款合同中的期权（如信用额度的提款期权和定期贷款的取消期权）并筛选借款人，提出了包含各种费用的总借款成本衡量指标。
ABSTRACT More than 80% of U.S. syndicated loans contain at least one fee type and contracts typically specify a menu of spreads and fee types. We test the predictions of existing theories on the main purposes of fees and provide supporting evidence that: (1) fees are used to price options embedded in loan contracts such as the drawdown option for credit lines and the cancellation option in term loans, and (2) fees are used to screen borrowers based on the likelihood of exercising these options. We also propose a new total‐cost‐of‐borrowing measure that includes various fees charged by lenders.