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1、Reputationandmonitoringabilityinloansyndications*HuaJessieZhang**thSeptember24,2003*JELclassification:G21.Keywords:Loansyndication,asymmetricinformation.Theauthorwouldliketothankhersupervisor,ProfessorGordonS.Roberts,forhissupportandadvice.TheauthoralsowouldliketothankKinChungLo,Kam
2、pholPanyagometh,JonathanYan,MatthewBowleraswellasStephenSappfortheirhelpfulcommentsandsuggestions.Allerrorsaretheresponsibilityoftheauthor.**Ph.D.Candidate,SchulichSchoolofBusiness,FinanceArea,YorkUniversity,4700KeeleStreet,Toronto,Ontario,Canada,M3J1P3.Phone:416-736-2100Ext:20635.E
3、mail:hjzhang@ssb.yorku.ca.ReputationandmonitoringabilityinloansyndicationsAbstractSyndicatedloansareanincreasinglyimportantfinancialinstrument,occupying40%oftheUScorporatefinancemarkettoday.Employingacombinationofmodelingandempiricaltesting,weprovideandconfirmthemechanicsofhowinform
4、ationaboutthetruemotiveandmonitoringabilityofleadbanksisupdatedfromamarketperspectivethroughasequenceofloansyndicationdecisions.ArepeatedBayesiangamemodelwithincompleteinformationforsyndicatemembersisconstructedfollowedbyempiricalteststosupportthemodel.Further,leadbanksaredividedint
5、otwogroups:“active”and“drop-out”groups.Advancinguponpreviousstudy,weproposethattheactionsofthe“active”groupshouldbeconsistentwiththereputationhypothesis,whilethoseofthe“drop-out”groupcouldbemotivatedbyeithertheexploitationeffectortheoverconfidenceeffect.Twotestablehypothesestodiscri
6、minatebetweenthetwoeffectsareproposed.Theempiricalresultsofthisstudyconfirmthattheactionsofthe“active”groupareconsistentwiththereputationhypothesisandthoseofthe“drop-out”groupareconsistentwiththeoverconfidencehypothesis.1ReputationandmonitoringabilityinloansyndicationsI.Introduction
7、Asyndicatedloanisoneinwhichasyndicateoflendersconsistingoftwoormorebankscontractswithaborrowertoprovideloansoncommontermsandconditionsgovernedbyasetofcommondocuments(SyndicatedLending(2000)).Bythelate1990ssyndicatedloanshadbecomearapidlygrowingemergingmarket,andanincreasinglyimporta
8、ntfinancingtool.Syn
