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| Tekijä: | Cook, D.O. Schellhorn, C.D. Spellman, L.J. |
| Otsikko: | Lender certification premiums |
| Lehti: | Journal of Banking and Finance
2003 : AUG, VOL. 27:8, p. 1561-1579 |
| Asiasana: | Banking Loans Pricing |
| Vapaa asiasana: | Lending |
| Kieli: | eng |
| Tiivistelmä: | The announcement of a bank loan by a borrowing firm has been shown to have a positive effect on the market value of the borrower's claims. This is consistent with a lender's implied endorsement of the borrower an endorsement with value to the borrower. This paper investigates whether the lender is able to extract a premium loan rate or certification premium in return. Empirical evidence is found that in the absence of collateral reputable lenders are able to exact a certification premium. |
SCIMA