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- W2804138254 abstract "We examine the effect of shocks arising from unrelated loan defaults in a lender's portfolio (i.e., lender-side defaults) on borrowers' financial reporting decisions. Using a broad sample of syndicated loans, we find that lender-side defaults are associated with higher levels of timely loss recognition from non-defaulting borrowers, consistent with these defaults motivating lenders to re-evaluate their pre-existing monitoring standards and demand more information regarding downside risk from non-defaulting borrowers. Increases in timely loss recognition following lender-side defaults are associated with reductions in covenant slack, increases in covenant violations, and higher levels of future loans from the same lender, consistent with lenders and firms sharing the benefits associated with changes in disclosure. In additional analyses, we demonstrate that the effect of lender-side defaults on borrowers' timely loss recognition is more pronounced when renegotiation costs are high, ex ante contractual conservatism mechanisms are lacking, borrowers' fundamentals are weaker, and borrowers have fewer outside lending options. Overall, our findings shed light on how lenders adjust their monitoring efforts and influence firms' financial reporting decisions over the course of a lending relationship." @default.
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- W2804138254 date "2018-04-01" @default.
- W2804138254 modified "2023-09-23" @default.
- W2804138254 title "Learning Through Failure: The Effect of Banks’ Recent Default Experience on Borrowers’ Timely Loss Recognition" @default.
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