We document a novel trend in syndicated lending where some participants voluntarily waive
their rights to borrowers' private information. We posit that “public-side” lending emerged to …

In canonical models of investment dynamics under uncertainty,“time-to-build” in investment
decisions implies that uncertainty negatively impacts firm values and aggregate capital …

Financial covenants, which use financial information to determine control rights in corporate
loan contracts, are frequently amended (Roberts, 2015). Despite the strong evidence, prior …

This paper proposes a mechanism to address the issue of" monitoring with small stakes" in
syndicated lending. We identify two sources that incentivize creditor monitoring: skin-in-the …

I examine whether and how foreign bank branch participation in US loan syndicates
influences loan contract design. I predict that foreign bank branches' dollar funding liquidity …

We study the role of accounting measurement in the renegotiation of debt contracts. The use
of accounting measurement in the control rights allocation rule has a trade-off. It improves …