This article provides a comprehensive analysis of a new and increasingly important phenomenon: the simultaneous holding of both equity and debt claims of the same company by non-commercial banking institutions ("dual holders"). The presence of dual holders offers a unique opportunity to assess...

This paper provides a comprehensive analysis of a new and increasingly important phenomenon: the simultaneous holding of both equity and debt claims of the same company by non-bank institutional investors (quot;dual holdersquot;). The presence of dual holders offers a unique opportunity to...

This study assesses whether the implementation of Regulation Fair Disclosure (Reg FD) has affected the quantity and quality of information in credit markets. We find that, after Reg FD, borrowing from new lenders was associated with a higher loan spread. We also document that, after Reg FD, (1)...

While a number of studies have addressed the motivations for, and interrelationships among loan sales, bank risk and liquidity, little empirical consideration has been given to banks' selection of loans for sale or to how loan resales impact initial loan pricing. The results suggest that...

A recent development in the syndicated loan market has been the arrival of institutional investors, including hedge funds and private equity funds as lenders. This paper asks several related questions regarding institutional participation in the syndicated loan market, and presents the first...

This paper employs the National Longitudinal Survey of Youth in the US to study the birth process. We develop a simultaneous equations model with seven endogenous variables: four birth inputs (maternal smoking, maternal drinking, first trimester prenatal care, and maternal weight gain), three...