Is the corporate loan market globally integrated? A pricing puzzle

被引：96

作者：

Carey, Mark ^{[1
]}

Nini, Greg ^{[1
]}

机构：

[1] Fed Reserve Board, Washington, DC USA

来源：

JOURNAL OF FINANCE | 2007年 / 62卷 / 06期

关键词：

D O I：

10.1111/j.1540-6261.2007.01298.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We offer evidence that interest rate spreads on syndicated loans to corporate borrowers are economically significantly smaller in Europe than in the United States, other things equal. Differences in borrower, loan, and lender characteristics do not appear to explain this phenomenon. Borrowers overwhelmingly issue in their natural home market and bank portfolios display home bias. This may explain why pricing discrepancies are not competed away, though their causes remain a puzzle. Thus, important determinants of loan origination market outcomes remain to be identified, home bias appears to be material for pricing, and corporate financing costs differ across Europe and the United States.

引用

页码：2969 / 3007

页数：39

共 34 条

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