National development banks and loan contract terms: Evidence from syndicated loans

doi:10.1016/j.jimonfin.2022.102763

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	National development banks and loan contract terms: Evidence from syndicated loans
	Gong, Di 3,4; Xu, Jiajun 2,5; Yan, Jianye 1,2
	2023-02-01
发表期刊	JOURNAL OF INTERNATIONAL MONEY AND FINANCE
ISSN	0261-5606
卷号	130 页码:24
摘要	In this study, we examine whether national development banks (NDBs) fill market gaps in the syndicated loan market. Existing theories make conflicting arguments, but little empir-ical research has systematically investigated the roles of NDBs in credit markets. To fill the gap, we build a novel and comprehensive list of NDBs worldwide. Using a large, interna-tional sample of non-sovereign syndicated loans over the past two decades, we find that loans with NDBs have longer maturity and higher loan spreads than those without. These results hold using the propensity score matching technique and the treatment effects model that account for the endogenous selection of NDBs. We also find that NDBs provide financial support for credit-rationed borrowers and play a countercyclical role dur-ing global liquidity cycles. Our study implies that NDBs address market failures in the syn-dicated loan market.(c) 2022 The Author(s). Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
关键词	National development banks Syndicated loans Contract terms
DOI	10.1016/j.jimonfin.2022.102763
收录类别	SCI
语种	英语
资助项目	National Natural Science Foundation of China[72273026] ; National Natural Science Foundation of China[71803022] ; the Fundamental Research Funds for the Central Universities in UIBE[CXTD13-05] ; National Social Science Foundation[17BJL124] ; National Social Science Foundation[20BJL021] ; Ford Foundation[128664] ; Ford Foundation[135168] ; Ford Foundation[139355] ; National Natural Science Foundation of China - Data Center for Management Science at Peking University[2017KEY06]
WOS研究方向	Business & Economics
WOS类目	Business, Finance
WOS记录号	WOS:000899549700004
出版者	ELSEVIER SCI LTD
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/60462
专题	中国科学院数学与系统科学研究院
通讯作者	Xu, Jiajun
作者单位	1.China Agr Univ, Coll Econ & Management, Beijing, Peoples R China 2.Peking Univ, Inst New Struct Econ, Natl Sch Dev, Beijing, Peoples R China 3.Univ Int Business & Econ, Sch Banking & Finance, Beijing, Peoples R China 4.Chinese Acad Sci, Acad Math & Syst Sci, Beijing, Peoples R China 5.Peking Univ, Langrun Garden 165,Yiheyuan Rd 5, Beijing 100871, Peoples R China
推荐引用方式 GB/T 7714	Gong, Di,Xu, Jiajun,Yan, Jianye. National development banks and loan contract terms: Evidence from syndicated loans[J]. JOURNAL OF INTERNATIONAL MONEY AND FINANCE,2023,130:24.
APA	Gong, Di,Xu, Jiajun,&Yan, Jianye.(2023).National development banks and loan contract terms: Evidence from syndicated loans.JOURNAL OF INTERNATIONAL MONEY AND FINANCE,130,24.
MLA	Gong, Di,et al."National development banks and loan contract terms: Evidence from syndicated loans".JOURNAL OF INTERNATIONAL MONEY AND FINANCE 130(2023):24.