Lender certification premiums

被引：27
作者：
Cook, DO
Schellhorn, CD
Spellman, LJ [1 ]
机构：
[1] Univ Texas, Dept Finance, Austin, TX 78712 USA
[2] St Josephs Univ, Philadelphia, PA 19131 USA
[3] Univ Mississippi, Sch Business Adm, University, MS 38677 USA
来源：
JOURNAL OF BANKING & FINANCE | 2003年 / 27卷 / 08期
关键词：
bank lending; certification; loan pricing;
D O I：
10.1016/S0378-4266(02)00278-9
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The announcement of a bank loan by a borrowing firm has been shown to have a positive effect on the market value of the borrower's claims. This is consistent with a lender's implied endorsement of the borrower-an endorsement that has value to the borrower. In this paper, we investigate whether the lender is able to extract a premium loan rate or certification premium in return. We find empirical evidence that in the absence of collateral reputable lenders are able to exact a certification premium. (C) 2003 Elsevier Science B.V. All rights reserved.
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页码：1561 / 1579
页数：19
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