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Senior Lender Control Rights and Cost of Debt
2015-12-28 来源:  分享:

 

1225日,来自清华大学五道口金融学院的李波来我院做了题为“Senior Lender Control Rights and Cost of Debt”的学术讲座,学院师生参加。

 

摘要:We find that strong senior lender control, measured by loan covenant intensity, is positively associated with the yield of corporate bonds at issuance. Bond price impact is more pronounced for issuers whose bondholders are dispersed, face high renegotiation costs, or have weak shareholder influence. Our identification primarily relies on using lender-specific shocks as an instrument. Alternative measures of senior lender control based on syndicate composition confirm our findings. Our results suggest that bondholders negatively price senior loan creditor control rights outside of financial distress, despite potential monitoring benefits provided by these lenders.

 

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