How does firm prestige affect the cost of bank loans?

Gespeichert in:

Autor*in:	Dai, Yunhao [verfasserIn] Kordsachia, Othar [verfasserIn] Tan, Weiqiang [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2023

Schlagwörter:	Bank loan spread firm prestige most admired companies social capital

Übergeordnetes Werk:	Enthalten in: The European journal of finance - London [u.a.] : Taylor & Francis Group, 1995, 29(2023), 8, Seite 888-918
Übergeordnetes Werk:	volume:29 ; year:2023 ; number:8 ; pages:888-918

Links:	Link aufrufen Link aufrufen

DOI / URN:	10.1080/1351847X.2022.2057807

Katalog-ID:	1855263467

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allfields	10.1080/1351847X.2022.2057807 doi (DE-627)1855263467 (DE-599)KXP1855263467 DE-627 ger DE-627 rda eng Dai, Yunhao verfasserin (DE-588)1050321251 (DE-627)783848668 (DE-576)404522033 aut How does firm prestige affect the cost of bank loans? Yunhao Dai, Othar Kordsachia and Weiqiang Tan 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Bank loan spread (dpeaa)DE-206 firm prestige (dpeaa)DE-206 most admired companies (dpeaa)DE-206 social capital (dpeaa)DE-206 Kordsachia, Othar verfasserin (DE-588)1019170581 (DE-627)690801432 (DE-576)357139836 aut Tan, Weiqiang verfasserin (DE-588)1237109973 (DE-627)1763014894 aut Enthalten in The European journal of finance London [u.a.] : Taylor & Francis Group, 1995 29(2023), 8, Seite 888-918 Online-Ressource (DE-627)320413462 (DE-600)2001610-4 (DE-576)104508914 1466-4364 nnns volume:29 year:2023 number:8 pages:888-918 https://www.tandfonline.com/doi/pdf/10.1080/1351847X.2022.2057807 Verlag lizenzpflichtig https://doi.org/10.1080/1351847X.2022.2057807 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_60 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2034 GBV_ILN_2055 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2111 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4313 GBV_ILN_4393 GBV_ILN_4700 AR 29 2023 8 888-918 26 01 0206 4364788384 x1z 11-08-23 26 00 DE-206 Firm prestige reduces the cost of bank loans. Specifically, when borrowers are included in Fortune's list of "America's Most Admired Companies" (MAC), their loan costs decline by approximately 12.3 bps on average. The effect appears causal. The negative relation between prestige and loan costs is more pronounced for borrowers in more competitive industries and with higher information uncertainty. Banks with weaker bargaining power offer favorable loan terms to the MAC ranked borrowers when they face a high degree of competition from other banks. The MAC ranking appears to be used by these banks as a summary statistic for loan quality in the face of competition.
spelling	10.1080/1351847X.2022.2057807 doi (DE-627)1855263467 (DE-599)KXP1855263467 DE-627 ger DE-627 rda eng Dai, Yunhao verfasserin (DE-588)1050321251 (DE-627)783848668 (DE-576)404522033 aut How does firm prestige affect the cost of bank loans? Yunhao Dai, Othar Kordsachia and Weiqiang Tan 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Bank loan spread (dpeaa)DE-206 firm prestige (dpeaa)DE-206 most admired companies (dpeaa)DE-206 social capital (dpeaa)DE-206 Kordsachia, Othar verfasserin (DE-588)1019170581 (DE-627)690801432 (DE-576)357139836 aut Tan, Weiqiang verfasserin (DE-588)1237109973 (DE-627)1763014894 aut Enthalten in The European journal of finance London [u.a.] : Taylor & Francis Group, 1995 29(2023), 8, Seite 888-918 Online-Ressource (DE-627)320413462 (DE-600)2001610-4 (DE-576)104508914 1466-4364 nnns volume:29 year:2023 number:8 pages:888-918 https://www.tandfonline.com/doi/pdf/10.1080/1351847X.2022.2057807 Verlag lizenzpflichtig https://doi.org/10.1080/1351847X.2022.2057807 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_60 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2034 GBV_ILN_2055 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2111 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4313 GBV_ILN_4393 GBV_ILN_4700 AR 29 2023 8 888-918 26 01 0206 4364788384 x1z 11-08-23 26 00 DE-206 Firm prestige reduces the cost of bank loans. Specifically, when borrowers are included in Fortune's list of "America's Most Admired Companies" (MAC), their loan costs decline by approximately 12.3 bps on average. The effect appears causal. The negative relation between prestige and loan costs is more pronounced for borrowers in more competitive industries and with higher information uncertainty. Banks with weaker bargaining power offer favorable loan terms to the MAC ranked borrowers when they face a high degree of competition from other banks. The MAC ranking appears to be used by these banks as a summary statistic for loan quality in the face of competition.
allfields_unstemmed	10.1080/1351847X.2022.2057807 doi (DE-627)1855263467 (DE-599)KXP1855263467 DE-627 ger DE-627 rda eng Dai, Yunhao verfasserin (DE-588)1050321251 (DE-627)783848668 (DE-576)404522033 aut How does firm prestige affect the cost of bank loans? Yunhao Dai, Othar Kordsachia and Weiqiang Tan 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Bank loan spread (dpeaa)DE-206 firm prestige (dpeaa)DE-206 most admired companies (dpeaa)DE-206 social capital (dpeaa)DE-206 Kordsachia, Othar verfasserin (DE-588)1019170581 (DE-627)690801432 (DE-576)357139836 aut Tan, Weiqiang verfasserin (DE-588)1237109973 (DE-627)1763014894 aut Enthalten in The European journal of finance London [u.a.] : Taylor & Francis Group, 1995 29(2023), 8, Seite 888-918 Online-Ressource (DE-627)320413462 (DE-600)2001610-4 (DE-576)104508914 1466-4364 nnns volume:29 year:2023 number:8 pages:888-918 https://www.tandfonline.com/doi/pdf/10.1080/1351847X.2022.2057807 Verlag lizenzpflichtig https://doi.org/10.1080/1351847X.2022.2057807 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_60 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2034 GBV_ILN_2055 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2111 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4313 GBV_ILN_4393 GBV_ILN_4700 AR 29 2023 8 888-918 26 01 0206 4364788384 x1z 11-08-23 26 00 DE-206 Firm prestige reduces the cost of bank loans. Specifically, when borrowers are included in Fortune's list of "America's Most Admired Companies" (MAC), their loan costs decline by approximately 12.3 bps on average. The effect appears causal. The negative relation between prestige and loan costs is more pronounced for borrowers in more competitive industries and with higher information uncertainty. Banks with weaker bargaining power offer favorable loan terms to the MAC ranked borrowers when they face a high degree of competition from other banks. The MAC ranking appears to be used by these banks as a summary statistic for loan quality in the face of competition.
allfieldsGer	10.1080/1351847X.2022.2057807 doi (DE-627)1855263467 (DE-599)KXP1855263467 DE-627 ger DE-627 rda eng Dai, Yunhao verfasserin (DE-588)1050321251 (DE-627)783848668 (DE-576)404522033 aut How does firm prestige affect the cost of bank loans? Yunhao Dai, Othar Kordsachia and Weiqiang Tan 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Bank loan spread (dpeaa)DE-206 firm prestige (dpeaa)DE-206 most admired companies (dpeaa)DE-206 social capital (dpeaa)DE-206 Kordsachia, Othar verfasserin (DE-588)1019170581 (DE-627)690801432 (DE-576)357139836 aut Tan, Weiqiang verfasserin (DE-588)1237109973 (DE-627)1763014894 aut Enthalten in The European journal of finance London [u.a.] : Taylor & Francis Group, 1995 29(2023), 8, Seite 888-918 Online-Ressource (DE-627)320413462 (DE-600)2001610-4 (DE-576)104508914 1466-4364 nnns volume:29 year:2023 number:8 pages:888-918 https://www.tandfonline.com/doi/pdf/10.1080/1351847X.2022.2057807 Verlag lizenzpflichtig https://doi.org/10.1080/1351847X.2022.2057807 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_60 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2034 GBV_ILN_2055 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2111 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4313 GBV_ILN_4393 GBV_ILN_4700 AR 29 2023 8 888-918 26 01 0206 4364788384 x1z 11-08-23 26 00 DE-206 Firm prestige reduces the cost of bank loans. Specifically, when borrowers are included in Fortune's list of "America's Most Admired Companies" (MAC), their loan costs decline by approximately 12.3 bps on average. The effect appears causal. The negative relation between prestige and loan costs is more pronounced for borrowers in more competitive industries and with higher information uncertainty. Banks with weaker bargaining power offer favorable loan terms to the MAC ranked borrowers when they face a high degree of competition from other banks. The MAC ranking appears to be used by these banks as a summary statistic for loan quality in the face of competition.
allfieldsSound	10.1080/1351847X.2022.2057807 doi (DE-627)1855263467 (DE-599)KXP1855263467 DE-627 ger DE-627 rda eng Dai, Yunhao verfasserin (DE-588)1050321251 (DE-627)783848668 (DE-576)404522033 aut How does firm prestige affect the cost of bank loans? Yunhao Dai, Othar Kordsachia and Weiqiang Tan 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Bank loan spread (dpeaa)DE-206 firm prestige (dpeaa)DE-206 most admired companies (dpeaa)DE-206 social capital (dpeaa)DE-206 Kordsachia, Othar verfasserin (DE-588)1019170581 (DE-627)690801432 (DE-576)357139836 aut Tan, Weiqiang verfasserin (DE-588)1237109973 (DE-627)1763014894 aut Enthalten in The European journal of finance London [u.a.] : Taylor & Francis Group, 1995 29(2023), 8, Seite 888-918 Online-Ressource (DE-627)320413462 (DE-600)2001610-4 (DE-576)104508914 1466-4364 nnns volume:29 year:2023 number:8 pages:888-918 https://www.tandfonline.com/doi/pdf/10.1080/1351847X.2022.2057807 Verlag lizenzpflichtig https://doi.org/10.1080/1351847X.2022.2057807 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_60 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2034 GBV_ILN_2055 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2111 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4313 GBV_ILN_4393 GBV_ILN_4700 AR 29 2023 8 888-918 26 01 0206 4364788384 x1z 11-08-23 26 00 DE-206 Firm prestige reduces the cost of bank loans. Specifically, when borrowers are included in Fortune's list of "America's Most Admired Companies" (MAC), their loan costs decline by approximately 12.3 bps on average. The effect appears causal. The negative relation between prestige and loan costs is more pronounced for borrowers in more competitive industries and with higher information uncertainty. Banks with weaker bargaining power offer favorable loan terms to the MAC ranked borrowers when they face a high degree of competition from other banks. The MAC ranking appears to be used by these banks as a summary statistic for loan quality in the face of competition.
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Specifically, when borrowers are included in Fortune's list of "America's Most Admired Companies" (MAC), their loan costs decline by approximately 12.3 bps on average. The effect appears causal. The negative relation between prestige and loan costs is more pronounced for borrowers in more competitive industries and with higher information uncertainty. Banks with weaker bargaining power offer favorable loan terms to the MAC ranked borrowers when they face a high degree of competition from other banks. The MAC ranking appears to be used by these banks as a summary statistic for loan quality in the face of competition.</subfield></datafield></record></collection>
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topic_title	26 00 DE-206 Firm prestige reduces the cost of bank loans. Specifically, when borrowers are included in Fortune's list of "America's Most Admired Companies" (MAC), their loan costs decline by approximately 12.3 bps on average. The effect appears causal. The negative relation between prestige and loan costs is more pronounced for borrowers in more competitive industries and with higher information uncertainty. Banks with weaker bargaining power offer favorable loan terms to the MAC ranked borrowers when they face a high degree of competition from other banks. The MAC ranking appears to be used by these banks as a summary statistic for loan quality in the face of competition How does firm prestige affect the cost of bank loans? Yunhao Dai, Othar Kordsachia and Weiqiang Tan Bank loan spread (dpeaa)DE-206 firm prestige (dpeaa)DE-206 most admired companies (dpeaa)DE-206 social capital (dpeaa)DE-206
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"><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4364788384</subfield><subfield code="y">x1z</subfield><subfield code="z">11-08-23</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">Firm prestige reduces the cost of bank loans. Specifically, when borrowers are included in Fortune's list of "America's Most Admired Companies" (MAC), their loan costs decline by approximately 12.3 bps on average. The effect appears causal. The negative relation between prestige and loan costs is more pronounced for borrowers in more competitive industries and with higher information uncertainty. Banks with weaker bargaining power offer favorable loan terms to the MAC ranked borrowers when they face a high degree of competition from other banks. The MAC ranking appears to be used by these banks as a summary statistic for loan quality in the face of competition.</subfield></datafield></record></collection>
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