Strategic syndication: is bad news shared in loan syndicates?
Abstract We investigate whether lead arrangers opportunistically withhold their private information from participant lenders and how this behavior affects the structure of loan syndicates. Using the setting of Food and Drug Administration (FDA) inspections and the exogenous shock to the inspection d...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Down, Andrea K. [verfasserIn] |
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| Format: |
E-Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2022 |
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| Schlagwörter: |
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| Anmerkung: |
© The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022. Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. |
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| Übergeordnetes Werk: |
Enthalten in: Review of accounting studies - Dordrecht [u.a.] : Springer Science + Business Media B.V., 1996, 29(2022), 1 vom: 12. Okt., Seite 194-236 |
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| Übergeordnetes Werk: |
volume:29 ; year:2022 ; number:1 ; day:12 ; month:10 ; pages:194-236 |
| Links: |
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| DOI / URN: |
10.1007/s11142-022-09721-0 |
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SPR05490434X |
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| 520 | |a Abstract We investigate whether lead arrangers opportunistically withhold their private information from participant lenders and how this behavior affects the structure of loan syndicates. Using the setting of Food and Drug Administration (FDA) inspections and the exogenous shock to the inspection disclosure regime with the passage of the Open Government Initiative (OGI), we show that, following bad inspection outcomes, lead arrangers retain a larger loan share in the post-OGI period, when inspection outcomes are publicly disclosed by the FDA, compared to in the pre-OGI period, when there is no public disclosure. We also find that during the pre-OGI period, lead arrangers retain a lower loan share when a loan is issued following bad inspection outcomes compared to clean inspection outcomes. This effect is stronger when lead arrangers are more likely to be informed (as measured by their prior experience submitting Freedom of Information Act (FOIA) requests to the FDA and a higher inspection materiality) and when syndicate participants are less likely to be informed (as measured by their lack of prior FDA FOIA requests and lead arranger experience, and by the lack of borrowers’ voluntary disclosure of inspection outcomes). Our findings of the deterioration in borrowers’ performance following bad inspection outcomes and lead arrangers’ reputational losses in the post-OGI period further indicate lead arrangers’ opportunistic behavior. Overall, our results provide robust evidence that lead arrangers exploit their informational advantage at the expense of participant lenders. | ||
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| 700 | 1 | |a Wittenberg-Moerman, Regina |4 aut | |
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10.1007/s11142-022-09721-0 doi (DE-627)SPR05490434X (SPR)s11142-022-09721-0-e DE-627 ger DE-627 rakwb eng Down, Andrea K. verfasserin aut Strategic syndication: is bad news shared in loan syndicates? 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022. Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. Abstract We investigate whether lead arrangers opportunistically withhold their private information from participant lenders and how this behavior affects the structure of loan syndicates. Using the setting of Food and Drug Administration (FDA) inspections and the exogenous shock to the inspection disclosure regime with the passage of the Open Government Initiative (OGI), we show that, following bad inspection outcomes, lead arrangers retain a larger loan share in the post-OGI period, when inspection outcomes are publicly disclosed by the FDA, compared to in the pre-OGI period, when there is no public disclosure. We also find that during the pre-OGI period, lead arrangers retain a lower loan share when a loan is issued following bad inspection outcomes compared to clean inspection outcomes. This effect is stronger when lead arrangers are more likely to be informed (as measured by their prior experience submitting Freedom of Information Act (FOIA) requests to the FDA and a higher inspection materiality) and when syndicate participants are less likely to be informed (as measured by their lack of prior FDA FOIA requests and lead arranger experience, and by the lack of borrowers’ voluntary disclosure of inspection outcomes). Our findings of the deterioration in borrowers’ performance following bad inspection outcomes and lead arrangers’ reputational losses in the post-OGI period further indicate lead arrangers’ opportunistic behavior. Overall, our results provide robust evidence that lead arrangers exploit their informational advantage at the expense of participant lenders. Syndicated loan market (dpeaa)DE-He213 Lead arrangers (dpeaa)DE-He213 Disclosure (dpeaa)DE-He213 FDA (dpeaa)DE-He213 Informational advantage (dpeaa)DE-He213 Syndicate participants (dpeaa)DE-He213 Williams, Christopher D. aut Wittenberg-Moerman, Regina aut Enthalten in Review of accounting studies Dordrecht [u.a.] : Springer Science + Business Media B.V., 1996 29(2022), 1 vom: 12. Okt., Seite 194-236 (DE-627)32043575X (DE-600)2004326-0 1573-7136 nnns volume:29 year:2022 number:1 day:12 month:10 pages:194-236 https://dx.doi.org/10.1007/s11142-022-09721-0 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2022 1 12 10 194-236 |
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10.1007/s11142-022-09721-0 doi (DE-627)SPR05490434X (SPR)s11142-022-09721-0-e DE-627 ger DE-627 rakwb eng Down, Andrea K. verfasserin aut Strategic syndication: is bad news shared in loan syndicates? 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022. Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. Abstract We investigate whether lead arrangers opportunistically withhold their private information from participant lenders and how this behavior affects the structure of loan syndicates. Using the setting of Food and Drug Administration (FDA) inspections and the exogenous shock to the inspection disclosure regime with the passage of the Open Government Initiative (OGI), we show that, following bad inspection outcomes, lead arrangers retain a larger loan share in the post-OGI period, when inspection outcomes are publicly disclosed by the FDA, compared to in the pre-OGI period, when there is no public disclosure. We also find that during the pre-OGI period, lead arrangers retain a lower loan share when a loan is issued following bad inspection outcomes compared to clean inspection outcomes. This effect is stronger when lead arrangers are more likely to be informed (as measured by their prior experience submitting Freedom of Information Act (FOIA) requests to the FDA and a higher inspection materiality) and when syndicate participants are less likely to be informed (as measured by their lack of prior FDA FOIA requests and lead arranger experience, and by the lack of borrowers’ voluntary disclosure of inspection outcomes). Our findings of the deterioration in borrowers’ performance following bad inspection outcomes and lead arrangers’ reputational losses in the post-OGI period further indicate lead arrangers’ opportunistic behavior. Overall, our results provide robust evidence that lead arrangers exploit their informational advantage at the expense of participant lenders. Syndicated loan market (dpeaa)DE-He213 Lead arrangers (dpeaa)DE-He213 Disclosure (dpeaa)DE-He213 FDA (dpeaa)DE-He213 Informational advantage (dpeaa)DE-He213 Syndicate participants (dpeaa)DE-He213 Williams, Christopher D. aut Wittenberg-Moerman, Regina aut Enthalten in Review of accounting studies Dordrecht [u.a.] : Springer Science + Business Media B.V., 1996 29(2022), 1 vom: 12. Okt., Seite 194-236 (DE-627)32043575X (DE-600)2004326-0 1573-7136 nnns volume:29 year:2022 number:1 day:12 month:10 pages:194-236 https://dx.doi.org/10.1007/s11142-022-09721-0 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2022 1 12 10 194-236 |
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10.1007/s11142-022-09721-0 doi (DE-627)SPR05490434X (SPR)s11142-022-09721-0-e DE-627 ger DE-627 rakwb eng Down, Andrea K. verfasserin aut Strategic syndication: is bad news shared in loan syndicates? 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022. Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. Abstract We investigate whether lead arrangers opportunistically withhold their private information from participant lenders and how this behavior affects the structure of loan syndicates. Using the setting of Food and Drug Administration (FDA) inspections and the exogenous shock to the inspection disclosure regime with the passage of the Open Government Initiative (OGI), we show that, following bad inspection outcomes, lead arrangers retain a larger loan share in the post-OGI period, when inspection outcomes are publicly disclosed by the FDA, compared to in the pre-OGI period, when there is no public disclosure. We also find that during the pre-OGI period, lead arrangers retain a lower loan share when a loan is issued following bad inspection outcomes compared to clean inspection outcomes. This effect is stronger when lead arrangers are more likely to be informed (as measured by their prior experience submitting Freedom of Information Act (FOIA) requests to the FDA and a higher inspection materiality) and when syndicate participants are less likely to be informed (as measured by their lack of prior FDA FOIA requests and lead arranger experience, and by the lack of borrowers’ voluntary disclosure of inspection outcomes). Our findings of the deterioration in borrowers’ performance following bad inspection outcomes and lead arrangers’ reputational losses in the post-OGI period further indicate lead arrangers’ opportunistic behavior. Overall, our results provide robust evidence that lead arrangers exploit their informational advantage at the expense of participant lenders. Syndicated loan market (dpeaa)DE-He213 Lead arrangers (dpeaa)DE-He213 Disclosure (dpeaa)DE-He213 FDA (dpeaa)DE-He213 Informational advantage (dpeaa)DE-He213 Syndicate participants (dpeaa)DE-He213 Williams, Christopher D. aut Wittenberg-Moerman, Regina aut Enthalten in Review of accounting studies Dordrecht [u.a.] : Springer Science + Business Media B.V., 1996 29(2022), 1 vom: 12. Okt., Seite 194-236 (DE-627)32043575X (DE-600)2004326-0 1573-7136 nnns volume:29 year:2022 number:1 day:12 month:10 pages:194-236 https://dx.doi.org/10.1007/s11142-022-09721-0 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2022 1 12 10 194-236 |
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10.1007/s11142-022-09721-0 doi (DE-627)SPR05490434X (SPR)s11142-022-09721-0-e DE-627 ger DE-627 rakwb eng Down, Andrea K. verfasserin aut Strategic syndication: is bad news shared in loan syndicates? 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022. Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. Abstract We investigate whether lead arrangers opportunistically withhold their private information from participant lenders and how this behavior affects the structure of loan syndicates. Using the setting of Food and Drug Administration (FDA) inspections and the exogenous shock to the inspection disclosure regime with the passage of the Open Government Initiative (OGI), we show that, following bad inspection outcomes, lead arrangers retain a larger loan share in the post-OGI period, when inspection outcomes are publicly disclosed by the FDA, compared to in the pre-OGI period, when there is no public disclosure. We also find that during the pre-OGI period, lead arrangers retain a lower loan share when a loan is issued following bad inspection outcomes compared to clean inspection outcomes. This effect is stronger when lead arrangers are more likely to be informed (as measured by their prior experience submitting Freedom of Information Act (FOIA) requests to the FDA and a higher inspection materiality) and when syndicate participants are less likely to be informed (as measured by their lack of prior FDA FOIA requests and lead arranger experience, and by the lack of borrowers’ voluntary disclosure of inspection outcomes). Our findings of the deterioration in borrowers’ performance following bad inspection outcomes and lead arrangers’ reputational losses in the post-OGI period further indicate lead arrangers’ opportunistic behavior. Overall, our results provide robust evidence that lead arrangers exploit their informational advantage at the expense of participant lenders. Syndicated loan market (dpeaa)DE-He213 Lead arrangers (dpeaa)DE-He213 Disclosure (dpeaa)DE-He213 FDA (dpeaa)DE-He213 Informational advantage (dpeaa)DE-He213 Syndicate participants (dpeaa)DE-He213 Williams, Christopher D. aut Wittenberg-Moerman, Regina aut Enthalten in Review of accounting studies Dordrecht [u.a.] : Springer Science + Business Media B.V., 1996 29(2022), 1 vom: 12. Okt., Seite 194-236 (DE-627)32043575X (DE-600)2004326-0 1573-7136 nnns volume:29 year:2022 number:1 day:12 month:10 pages:194-236 https://dx.doi.org/10.1007/s11142-022-09721-0 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2022 1 12 10 194-236 |
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10.1007/s11142-022-09721-0 doi (DE-627)SPR05490434X (SPR)s11142-022-09721-0-e DE-627 ger DE-627 rakwb eng Down, Andrea K. verfasserin aut Strategic syndication: is bad news shared in loan syndicates? 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022. Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. Abstract We investigate whether lead arrangers opportunistically withhold their private information from participant lenders and how this behavior affects the structure of loan syndicates. Using the setting of Food and Drug Administration (FDA) inspections and the exogenous shock to the inspection disclosure regime with the passage of the Open Government Initiative (OGI), we show that, following bad inspection outcomes, lead arrangers retain a larger loan share in the post-OGI period, when inspection outcomes are publicly disclosed by the FDA, compared to in the pre-OGI period, when there is no public disclosure. We also find that during the pre-OGI period, lead arrangers retain a lower loan share when a loan is issued following bad inspection outcomes compared to clean inspection outcomes. This effect is stronger when lead arrangers are more likely to be informed (as measured by their prior experience submitting Freedom of Information Act (FOIA) requests to the FDA and a higher inspection materiality) and when syndicate participants are less likely to be informed (as measured by their lack of prior FDA FOIA requests and lead arranger experience, and by the lack of borrowers’ voluntary disclosure of inspection outcomes). Our findings of the deterioration in borrowers’ performance following bad inspection outcomes and lead arrangers’ reputational losses in the post-OGI period further indicate lead arrangers’ opportunistic behavior. Overall, our results provide robust evidence that lead arrangers exploit their informational advantage at the expense of participant lenders. Syndicated loan market (dpeaa)DE-He213 Lead arrangers (dpeaa)DE-He213 Disclosure (dpeaa)DE-He213 FDA (dpeaa)DE-He213 Informational advantage (dpeaa)DE-He213 Syndicate participants (dpeaa)DE-He213 Williams, Christopher D. aut Wittenberg-Moerman, Regina aut Enthalten in Review of accounting studies Dordrecht [u.a.] : Springer Science + Business Media B.V., 1996 29(2022), 1 vom: 12. Okt., Seite 194-236 (DE-627)32043575X (DE-600)2004326-0 1573-7136 nnns volume:29 year:2022 number:1 day:12 month:10 pages:194-236 https://dx.doi.org/10.1007/s11142-022-09721-0 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2022 1 12 10 194-236 |
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Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Abstract We investigate whether lead arrangers opportunistically withhold their private information from participant lenders and how this behavior affects the structure of loan syndicates. Using the setting of Food and Drug Administration (FDA) inspections and the exogenous shock to the inspection disclosure regime with the passage of the Open Government Initiative (OGI), we show that, following bad inspection outcomes, lead arrangers retain a larger loan share in the post-OGI period, when inspection outcomes are publicly disclosed by the FDA, compared to in the pre-OGI period, when there is no public disclosure. We also find that during the pre-OGI period, lead arrangers retain a lower loan share when a loan is issued following bad inspection outcomes compared to clean inspection outcomes. This effect is stronger when lead arrangers are more likely to be informed (as measured by their prior experience submitting Freedom of Information Act (FOIA) requests to the FDA and a higher inspection materiality) and when syndicate participants are less likely to be informed (as measured by their lack of prior FDA FOIA requests and lead arranger experience, and by the lack of borrowers’ voluntary disclosure of inspection outcomes). Our findings of the deterioration in borrowers’ performance following bad inspection outcomes and lead arrangers’ reputational losses in the post-OGI period further indicate lead arrangers’ opportunistic behavior. 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Strategic syndication: is bad news shared in loan syndicates? |
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Abstract We investigate whether lead arrangers opportunistically withhold their private information from participant lenders and how this behavior affects the structure of loan syndicates. Using the setting of Food and Drug Administration (FDA) inspections and the exogenous shock to the inspection disclosure regime with the passage of the Open Government Initiative (OGI), we show that, following bad inspection outcomes, lead arrangers retain a larger loan share in the post-OGI period, when inspection outcomes are publicly disclosed by the FDA, compared to in the pre-OGI period, when there is no public disclosure. We also find that during the pre-OGI period, lead arrangers retain a lower loan share when a loan is issued following bad inspection outcomes compared to clean inspection outcomes. This effect is stronger when lead arrangers are more likely to be informed (as measured by their prior experience submitting Freedom of Information Act (FOIA) requests to the FDA and a higher inspection materiality) and when syndicate participants are less likely to be informed (as measured by their lack of prior FDA FOIA requests and lead arranger experience, and by the lack of borrowers’ voluntary disclosure of inspection outcomes). Our findings of the deterioration in borrowers’ performance following bad inspection outcomes and lead arrangers’ reputational losses in the post-OGI period further indicate lead arrangers’ opportunistic behavior. Overall, our results provide robust evidence that lead arrangers exploit their informational advantage at the expense of participant lenders. © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022. Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. |
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Abstract We investigate whether lead arrangers opportunistically withhold their private information from participant lenders and how this behavior affects the structure of loan syndicates. Using the setting of Food and Drug Administration (FDA) inspections and the exogenous shock to the inspection disclosure regime with the passage of the Open Government Initiative (OGI), we show that, following bad inspection outcomes, lead arrangers retain a larger loan share in the post-OGI period, when inspection outcomes are publicly disclosed by the FDA, compared to in the pre-OGI period, when there is no public disclosure. We also find that during the pre-OGI period, lead arrangers retain a lower loan share when a loan is issued following bad inspection outcomes compared to clean inspection outcomes. This effect is stronger when lead arrangers are more likely to be informed (as measured by their prior experience submitting Freedom of Information Act (FOIA) requests to the FDA and a higher inspection materiality) and when syndicate participants are less likely to be informed (as measured by their lack of prior FDA FOIA requests and lead arranger experience, and by the lack of borrowers’ voluntary disclosure of inspection outcomes). Our findings of the deterioration in borrowers’ performance following bad inspection outcomes and lead arrangers’ reputational losses in the post-OGI period further indicate lead arrangers’ opportunistic behavior. Overall, our results provide robust evidence that lead arrangers exploit their informational advantage at the expense of participant lenders. © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022. Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. |
| abstract_unstemmed |
Abstract We investigate whether lead arrangers opportunistically withhold their private information from participant lenders and how this behavior affects the structure of loan syndicates. Using the setting of Food and Drug Administration (FDA) inspections and the exogenous shock to the inspection disclosure regime with the passage of the Open Government Initiative (OGI), we show that, following bad inspection outcomes, lead arrangers retain a larger loan share in the post-OGI period, when inspection outcomes are publicly disclosed by the FDA, compared to in the pre-OGI period, when there is no public disclosure. We also find that during the pre-OGI period, lead arrangers retain a lower loan share when a loan is issued following bad inspection outcomes compared to clean inspection outcomes. This effect is stronger when lead arrangers are more likely to be informed (as measured by their prior experience submitting Freedom of Information Act (FOIA) requests to the FDA and a higher inspection materiality) and when syndicate participants are less likely to be informed (as measured by their lack of prior FDA FOIA requests and lead arranger experience, and by the lack of borrowers’ voluntary disclosure of inspection outcomes). Our findings of the deterioration in borrowers’ performance following bad inspection outcomes and lead arrangers’ reputational losses in the post-OGI period further indicate lead arrangers’ opportunistic behavior. Overall, our results provide robust evidence that lead arrangers exploit their informational advantage at the expense of participant lenders. © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022. Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. |
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| title_short |
Strategic syndication: is bad news shared in loan syndicates? |
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https://dx.doi.org/10.1007/s11142-022-09721-0 |
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| author2 |
Williams, Christopher D. Wittenberg-Moerman, Regina |
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Williams, Christopher D. Wittenberg-Moerman, Regina |
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10.1007/s11142-022-09721-0 |
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2024-07-04T03:27:22.843Z |
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| score |
7.399208 |