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Title: The Pricing Effect of Certification on Bank Loans: Evidence from the Syndicated Credit Market
Authors: Casolaro, Luca
Focarelli, Dario
Pozzolo, Alberto Franco
Keywords: Bank lending
Syndicated loans
Issue Date: 18-Jul-2003
Abstract: This paper provides a direct test of banks' ability to mitigate informational asymmetries. In syndicated loans, lenders' incentive to screen ex ante and monitor ex post borrowers increases with the share they retain; consequently, the higher this share, the less risky the loan is considered by investors, and the lower is the interest rate they require. We analyze a large sample of syndicated loans arranged in over 80 countries during the nineties. We find that interest rates decrease in the
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