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Bank Loan Commitment Contracts: Data, Theory, and Tests
Open accessAbstract
Over 80% of all commercial bank lending to corporations in the U.S. is done via bank loan commitments. Yet we have little empirical knowledge of loan commitment contracts. In this paper we describe the rich contractual structure of bank loan commitments based on data pertaining to over 2,500 contracts. We then develop a model which demonstrates that the observed complex structure of bank loan commitment contracts (which typically include multiple fee structures, borrower-specific contracting variables, and the standard "material adverse change clause") is important when the bank faces borrower adverse selection and moral hazard problems. Finally, we verify the robustness of our model by confronting its additional testable predictions with the data.
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Cited by
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Kashyap, A. K., Rajan, R., & Stein, J. C. (2002) · The Journal of Finance · doi:10.1111/1540-6261.00415 · Cited by 1,442
Berger, A. N., & Bouwman, C. H. S. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn104 · Cited by 1,295
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Sufi, A. (2009) · Review of Financial Studies · doi:10.1093/revfin/hhm007 · Cited by 959
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Metadata
- Authors
- Shockley, R. L., & Thakor, A. V.
- Venue
- Journal of Money, Credit and Banking
- Publisher
- JSTOR
- Published
- 1997-11
- Volume
- 29
- Issue
- 4
- Pages
- 517
- ISSN
- 0022-2879 (ISSN-L)
- OpenAlex
- W3123182456
- Cited by
- 225
- References
- 0
- FWCI
- 7.27
- Type
- journal article
- Language
- en
- Open access
- green
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- Shockley, R. L., & Thakor, A. V. (1997). Bank Loan Commitment Contracts: Data, Theory, and Tests. Journal of Money, Credit and Banking. https://doi.org/10.2307/2953711
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
