Does Political Uncertainty Increase External Financing Costs? Measuring the Electoral Premium in Syndicated Lending
研究发现，当贷款机构所在国处于选举期间时，企业需多支付7个基点的贷款利息，且竞争激烈的选举影响更大（17个基点），表明政治不确定性会显著提高企业融资成本。
This article investigates the impact of political uncertainty on contractual lending terms using a large sample of syndicated loans and a within-firm estimation approach to achieve identification. Firms pay 7 basis points (bps) more on loans originated when their lenders are undergoing an election relative to when their lenders are not undergoing an election. Lenders from less financially developed countries are more likely to pass political uncertainty costs to borrowers. Consistent with electoral uncertainty driving this premium, the most contested elections have the largest impact (17 bps). Overall, political uncertainty leads to a tangible increase in firms’ financing costs.