Matches in SemOpenAlex for { <https://semopenalex.org/work/W3211519886> ?p ?o ?g. }
Showing items 1 to 67 of
67
with 100 items per page.
- W3211519886 abstract "For many years corporate lenders have been a crucial force in the boardroom, providing a check on management and contributing to firm governance. However, lenders’ influence has receded in recent years for a large and important class of corporate borrowers. The culprit is a familiar one in a less familiar guise: the sale of loans by originating banks for securitization—like that which gained notoriety with pre-financial crisis mortgage-backed securities, but now are deployed in the market for corporate loans. As this Article points out, the shift from relationship lending to arms-length securitization has the potential to intensify moral hazard, leading banks to provide less monitoring for their highly securitized clients. Recent data suggests that creditor governance is waning at a moment when U.S. corporations carry more debt than at any time in history (totaling half of U.S. gross domestic product).This Article presents a theoretical and empirical examination of the change in creditor corporate governance and its implications. It shows how the diminishment of lenders’ role in governance is a predictable result of a confluence of forces in the financial markets, in particular, the use of structured finance to securitize loans, which in turn has driven a lending market with diminishing checks on borrower profligacy. It also shows how this new market is weakening governance norms in ways that are harmful to borrowing companies, lenders, and society as a whole.The Article makes two contributions to the literature. First, it empirically documents the decline of lenders’ corporate governance interventions, cataloging original data on all borrower loan covenant violations—a primary mechanism by which lenders intervene in governance—from 2008 through 2018. Second, it adds a missing component to the literature by showing how corporate governance and the financial system affect one another, and proposing solutions to bolster both." @default.
- W3211519886 created "2021-11-22" @default.
- W3211519886 creator A5039763030 @default.
- W3211519886 date "2020-10-14" @default.
- W3211519886 modified "2023-09-23" @default.
- W3211519886 title "Reconsidering Creditor Governance in a Time of Financial Alchemy" @default.
- W3211519886 hasPublicationYear "2020" @default.
- W3211519886 type Work @default.
- W3211519886 sameAs 3211519886 @default.
- W3211519886 citedByCount "0" @default.
- W3211519886 crossrefType "posted-content" @default.
- W3211519886 hasAuthorship W3211519886A5039763030 @default.
- W3211519886 hasConcept C10138342 @default.
- W3211519886 hasConcept C120527767 @default.
- W3211519886 hasConcept C120757647 @default.
- W3211519886 hasConcept C121955636 @default.
- W3211519886 hasConcept C139719470 @default.
- W3211519886 hasConcept C144133560 @default.
- W3211519886 hasConcept C159091798 @default.
- W3211519886 hasConcept C162324750 @default.
- W3211519886 hasConcept C2778300220 @default.
- W3211519886 hasConcept C2780202544 @default.
- W3211519886 hasConcept C2780619108 @default.
- W3211519886 hasConcept C29122968 @default.
- W3211519886 hasConcept C34447519 @default.
- W3211519886 hasConcept C39389867 @default.
- W3211519886 hasConcept C73283319 @default.
- W3211519886 hasConceptScore W3211519886C10138342 @default.
- W3211519886 hasConceptScore W3211519886C120527767 @default.
- W3211519886 hasConceptScore W3211519886C120757647 @default.
- W3211519886 hasConceptScore W3211519886C121955636 @default.
- W3211519886 hasConceptScore W3211519886C139719470 @default.
- W3211519886 hasConceptScore W3211519886C144133560 @default.
- W3211519886 hasConceptScore W3211519886C159091798 @default.
- W3211519886 hasConceptScore W3211519886C162324750 @default.
- W3211519886 hasConceptScore W3211519886C2778300220 @default.
- W3211519886 hasConceptScore W3211519886C2780202544 @default.
- W3211519886 hasConceptScore W3211519886C2780619108 @default.
- W3211519886 hasConceptScore W3211519886C29122968 @default.
- W3211519886 hasConceptScore W3211519886C34447519 @default.
- W3211519886 hasConceptScore W3211519886C39389867 @default.
- W3211519886 hasConceptScore W3211519886C73283319 @default.
- W3211519886 hasOpenAccess W3211519886 @default.
- W3211519886 hasRelatedWork W1002299525 @default.
- W3211519886 hasRelatedWork W1512042957 @default.
- W3211519886 hasRelatedWork W1523797576 @default.
- W3211519886 hasRelatedWork W2050342299 @default.
- W3211519886 hasRelatedWork W2111808782 @default.
- W3211519886 hasRelatedWork W2143347062 @default.
- W3211519886 hasRelatedWork W2477852369 @default.
- W3211519886 hasRelatedWork W2601067604 @default.
- W3211519886 hasRelatedWork W2938401788 @default.
- W3211519886 hasRelatedWork W3092959271 @default.
- W3211519886 hasRelatedWork W3121450848 @default.
- W3211519886 hasRelatedWork W3121815684 @default.
- W3211519886 hasRelatedWork W3122187407 @default.
- W3211519886 hasRelatedWork W3123568194 @default.
- W3211519886 hasRelatedWork W3124884059 @default.
- W3211519886 hasRelatedWork W3125196623 @default.
- W3211519886 hasRelatedWork W3125616766 @default.
- W3211519886 hasRelatedWork W3126036540 @default.
- W3211519886 hasRelatedWork W3126090483 @default.
- W3211519886 hasRelatedWork W3201107350 @default.
- W3211519886 isParatext "false" @default.
- W3211519886 isRetracted "false" @default.
- W3211519886 magId "3211519886" @default.
- W3211519886 workType "article" @default.