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Some evidence on the uniqueness of bank loans
Abstract This paper presents evidence that banks provide some special service with their lending activity that is not available from other lenders. I find evidence that bank borrowers, not CDExpand
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Bank Information Monopolies and the Mix of Private and Public Debt Claims
This article examines the determinants of the mix of private and public debt using detailed information on the debt structure of 250 publicly traded corporations from 1980 through 1990. The authorsExpand
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The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institutions
This paper examines the relation between the interest rate sensitivity of common stock returns and the maturity composition of the firm's nominal contracts. Using a sample of actively tradedExpand
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The Information Content of Bank Loan Covenants
This article examines the determinants of financial covenant thresholds in bank loan agreements and information conveyed through the selection of tight financial covenants. We find that riskier firmsExpand
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Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders
Abstract Traditional studies fail to find conclusive evidence that bank mergers create value. We analyze a sample of the largest bank mergers between 1985 and 1996. For a subset of this sample, weExpand
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The Losses Realized in Bank Failures
This paper examines the losses realized in bank failures. Losses are measured as the difference between the book value of assets and the recovery value net of the direct expenses associated with theExpand
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Capital market frictions and the role of internal capital markets in banking
Abstract The extent to which banking firms face external financing costs when funding new loans has important implications for the role of banks in the corporate capital acquisition process, for theExpand
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Do Banks Provide Financial Slack
We study the decision to choose bank debt rather than public securities in a firm's marginal financing choice. Using a sample of 500 firms over the 1980 to 1993 time period, we find that firms areExpand
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CEO compensation and bank risk Is compensation in banking structured to promote risk taking
Abstract This paper examines whether executive compensation in banking is structured to promote risk taking. We find that, on average, bank CEOs receive less cash compensation, are less likely toExpand
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The Role of Private Equity Group Reputation in LBO Financing
This paper investigates whether the reputation of acquiring private equity groups (PEGs) is related to the financing structure of leveraged buyouts (LBOs). Using a sample of 180 public-to-privateExpand
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