The Agency Structure of Loan Syndicates
研究了贷款银团中牵头行将行政任务委托给共同代理行的原因，发现共同代理行既能分担管理成本，又能代表银团成员监督牵头行以缓解信息不对称问题。
Abstract Leaders of loan syndicates often delegate some administrative tasks to banks known as co‐agents. One reason is that co‐agents are specialized banks that help split the costs of managing the syndicate. Another reason is that co‐agents monitor the leader on behalf of syndicate members to mitigate informational asymmetry problems. Large sample tests on the Dealscan database provide support for both arguments. Evidence of repeated contracting between the same banks explains the moderate magnitude of monitoring effects.