International Lending: The Role of Lender's Home Country

被引：4

作者：

Beyhaghi, Mehdi ^{[1
]}

Dai, Rui ^{[2
]}

Saunders, Anthony ^{[3
]}

Wald, John ^{[4
]}

机构：

[1] Fed Reserve Bank Richmond, Quantitat Supervis & Res, Richmond, VA 23219 USA

[2] Univ Penn, Wharton Sch, Wharton Res Data Serv WRDS, Philadelphia, PA 19104 USA

[3] NYU, Leonard N Stern Sch Business, Finance, New York, NY 10003 USA

[4] Univ Texas San Antonio, Coll Business, Finance, San Antonio, TX USA

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2021年 / 53卷 / 06期

关键词：

creditor rights; cross-border; international finance; multinational loans; CREDITOR RIGHTS; BANK LOANS; ENFORCEMENT; CONTRACTS; INVESTMENT; BANKRUPTCY; MARKETS;

D O I：

10.1111/jmcb.12850

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The multinational syndicated loan market has crossed the $7 trillion threshold. Prior literature argues that weak borrower country's creditor rights is the main limiting factor to cross-border lending. We find that lender country's creditor rights can partly substitute for weak borrower creditor rights if a lender is from a better creditor rights country. Our results are robust to controlling for a borrower's country laws, its foreign assets, the loan guarantees provided by its foreign parent, and its choice set of lenders.

引用

页码：1373 / 1416

页数：44

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