التفاصيل البيبلوغرافية
| العنوان: |
Creditor Control Rights and the Pricing of Corporate Loans |
| المؤلفون: |
Arnold, Marc |
| المساهمون: |
Kollmann, Nicola (VerfasserIn); Tengulov, Angel (VerfasserIn) |
| المصدر: |
2023 |
| الناشر: |
[S.l.]: SSRN |
| اللغة: |
English |
| نوع الوثيقة: |
Elektronische Ressource im Fernzugriff |
| Manifestation: |
Monographie [unabhängig ob Stück einer Reihe] |
| مستخلص: |
This study investigates the influence of creditor control rights on the pricing of corporate loans. We construct a novel dataset that combines hand-collected covenant violations data with individual borrowers, creditors, and loan contract information. Our data allows us to distinguish between creditors who receive direct control rights after a covenant violation and creditors who do not receive control rights after a violation. By comparing the loan terms of these two creditor types, we can isolate the impact of creditor control rights on loan pricing from that of other factors related to a covenant violation. We find that creditors exploit control rights to overprice new loans, and that this rent extraction is a key determinant of the loan premium puzzle |
| DOI: |
10.2139/ssrn.4345354 |
| رقم الأكسشن: |
EDSZBW1844998908 |
| قاعدة البيانات: |
ECONIS |
