Gatev, Evan G.; Strahan, Philip E. - 2008
liquidity risk. When a syndicated loan to a rated borrower has systematic liquidity risk, the fraction of passive participant … lenders that are banks is about 8% higher than for loans without liquidity risk. In contrast, liquidity risk does not explain … the share of banks as lead lenders. Using a new measure of ex-ante liquidity risk exposure, we find further evidence that …