Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring
利用德国银行池数据，研究多家银行在企业困境时的协调问题，发现小规模银行池提高重组成功率，但大规模时效果逆转。
Multiple banking is a common characteristic of the corporate lending, particularly of medium-sized and large firms. However, if the firms are facing distress, multiple lenders may have serious coordination problems, as has been argued in the theoretical literature. In this paper we analyse the problems of multiple banking in borrower distress empirically. We rely on a unique panel data set that includes detailed credit-file information on distressed lending relationships in Germany. In particular, it includes information on "bank pools", a legal institution aimed at coordinating lender interests in distress. We find that the existence of small pools increases the probability of workout success and that this effect reverses when pools become large. We identify major determinants of pool formation, in particular the number of banks, the distribution of lending among banks, and the severity of the distress. Copyright 2008, Wiley-Blackwell.