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Does Poor Performance Damage the Reputation of Financial Intermediaries? Evidence from the Loan Syndication Market

The Journal of finance (New York), 2011-12, Vol.66 (6), p.2083-2120 [Peer Reviewed Journal]

2011 American Finance Association ;2011 the American Finance Association ;Copyright Blackwell Publishers Inc. Dec 2011 ;ISSN: 0022-1082 ;EISSN: 1540-6261 ;DOI: 10.1111/j.1540-6261.2011.01692.x ;CODEN: JLFIAN

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Title:
Does Poor Performance Damage the Reputation of Financial Intermediaries? Evidence from the Loan Syndication Market
Author: GOPALAN, RADHAKRISHNAN ; NANDA, VIKRAM ; YERRAMILLI, VIJAY
Subjects: Bank loans ; Bankruptcy ; Borrowing ; Broadcast syndication ; Chapter 11 bankruptcy ; Financial intermediaries ; Financial services ; Financial services industries ; Lenders ; Loans ; Participating loans ; Portfolio management ; Reputations ; Studies ; Syndicates
Is Part Of: The Journal of finance (New York), 2011-12, Vol.66 (6), p.2083-2120
Description: We investigate the effect of poor performance on financial intermediary reputation by estimating the effect of large-scale bankruptcies among a lead arranger's borrowers on its subsequent syndication activity. Consistent with reputation damage, such lead arrangers retain larger fractions of the loans they syndicate, are less likely to syndicate loans, and are less likely to attract participant lenders. The consequences are more severe when borrower bankruptcies suggest inadequate screening or monitoring by the lead arranger. However, the effect of borrower bankruptcies on syndication activity is not present among dominant lead arrangers, and is weak in years in which many lead arrangers experience borrower bankruptcies.
Publisher: Malden, USA: Blackwell Publishing Inc
Language: English
Identifier: ISSN: 0022-1082
EISSN: 1540-6261
DOI: 10.1111/j.1540-6261.2011.01692.x
CODEN: JLFIAN
Source: Alma/SFX Local Collection

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Does Poor Performance Damage the Reputation of Financial Intermediaries? Evidence from the Loan Syndication Market

2011 American Finance Association ;2011 the American Finance Association ;Copyright Blackwell Publishers Inc. Dec 2011 ;ISSN: 0022-1082 ;EISSN: 1540-6261 ;DOI: 10.1111/j.1540-6261.2011.01692.x ;CODEN: JLFIAN

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