This paper reviews theoretical and empirical work on financial contracting that is relevant to
accounting researchers. Its primary objective is to discuss how the use of accounting …

This paper estimates the cost arising from information asymmetry between the lead bank
and members of the lending syndicate. In a lending syndicate, the lead bank retains only a …

Using data from Securities and Exchange Commission filings, I show that the typical bank
loan is renegotiated five times, or every nine months. The pricing, maturity, amount, and …

We outline several properties of IFRS that potentially affect the contractibility or the
transparency of financial statement information, and hence the use of that information in debt …

We use credit default swaps (CDS) trading data to demonstrate that the credit risk of
reference firms, reflected in rating downgrades and bankruptcies, increases significantly …

Nonbank lenders have been playing an increasing role in supplying debt, especially after
the Great Recession. How important are the distortions in the greater regulation of banks …

The wide-ranging varieties of capitalism literature rests on a particular conception of banks
and banking that, the authors argue, no longer reflects the reality of modern financial …

This paper examines the pricing of global syndicated loans during the COVID-19 pandemic.
We find that loan spreads rise by over 11 basis points in response to a one standard …

In this paper, we investigate whether securitization was associated with risky lending in the
corporate loan market by examining the performance of individual loans held by …

This article provides a comprehensive analysis of a new and increasingly important
phenomenon: the simultaneous holding of both equity and debt claims of the same company …