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We represent the market for syndicated loans as a dynamic financial network and find that financial institutions have developed strong cross-border linkages over the 2000–2019 period. The most-connected financial institutions hold large shares of leveraged and covenant-lite loans. Our analysis...
Persistent link: https://www.econbiz.de/10014238050
We investigate the impact of deregulation-induced banking competition on corporate credit risk. Although banking competition does not, on average, affect corporate bankruptcy rates, we find that it causes corporate bankruptcies to increase significantly for high-leverage firms. This effect lasts...
Persistent link: https://www.econbiz.de/10014238238
We investigate the impact of banking competition on corporate credit risk. Although banking competition does not, on average, affect corporate bankruptcy rates, we find that it causes corporate bankruptcies to increase significantly for high-leverage firms. This effect lasts up to eight years...
Persistent link: https://www.econbiz.de/10013233063
We analyse a sample of 6 million firm-year observations of large corporations and small and medium sized enterprises (SMEs) spanning 6 European countries from 2005 to 2015, to determine the impact of leverage and different sources of funding on default risk. We find that financial leverage has a...
Persistent link: https://www.econbiz.de/10012898591
Persistent link: https://www.econbiz.de/10012163716
We represent the market for syndicated loans as a dynamic financial network and find that financial institutions have developed strong cross-border linkages over the 2000–2019 period. The most-connected financial institutions hold large shares of leveraged and covenant-lite loans. Our analysis...
Persistent link: https://www.econbiz.de/10013403964