Matches in SemOpenAlex for { <https://semopenalex.org/work/W72036617> ?p ?o ?g. }
- W72036617 abstract "This paper examines how political risk affects the structure of project finance (PF) loan syndicates. Using a sample of 495 loan tranches worth $151 billion, we document high levels of debt ownership concentration: the largest single bank holds 20.3% while the top five banks collectively hold 61.2% of a typical PF loan tranche. We show that both syndicate size and concentration are functions of political risk. As country risk increases, debt concentration initially declines, but later increases in high-risk countries, creating what we call a syndicate “smile.” In contrast to LaPorta et al (1998), who find that equity ownership and shareholder rights are substitutes, we show that debt ownership and creditor rights are complements. Finally, we show that loan pricing is a positive function of syndicate size and concentration. Viewed collectively, these results are consistent with bank syndicates providing, and charging for, valuable monitoring, deterrence, and recontracting services. On a more theoretical level, the results illustrate the continuous nature of debt ownership and refute the overly simplistic distinction between single bank creditors and atomistic bondholders commonly described in the literature." @default.
- W72036617 created "2016-06-24" @default.
- W72036617 creator A5072844813 @default.
- W72036617 date "2000-01-01" @default.
- W72036617 modified "2023-09-25" @default.
- W72036617 title "SYNDICATE STRUCTURE AS A RESPONSE TO POLITICAL RISK IN THE PROJECT FINANCE LOAN MARKET" @default.
- W72036617 cites W1491829438 @default.
- W72036617 cites W1530514562 @default.
- W72036617 cites W1534833543 @default.
- W72036617 cites W1562628026 @default.
- W72036617 cites W1577007991 @default.
- W72036617 cites W1606272114 @default.
- W72036617 cites W1969519191 @default.
- W72036617 cites W1978352128 @default.
- W72036617 cites W1979927021 @default.
- W72036617 cites W1988524470 @default.
- W72036617 cites W1991795148 @default.
- W72036617 cites W1997224204 @default.
- W72036617 cites W2001001585 @default.
- W72036617 cites W2018849787 @default.
- W72036617 cites W2055324653 @default.
- W72036617 cites W2057157246 @default.
- W72036617 cites W2090318930 @default.
- W72036617 cites W2108491286 @default.
- W72036617 cites W2108818539 @default.
- W72036617 cites W2114094508 @default.
- W72036617 cites W2118889105 @default.
- W72036617 cites W2124701251 @default.
- W72036617 cites W2129929567 @default.
- W72036617 cites W2131921554 @default.
- W72036617 cites W2133369488 @default.
- W72036617 cites W2133897956 @default.
- W72036617 cites W2153706302 @default.
- W72036617 cites W2154127363 @default.
- W72036617 cites W2752617332 @default.
- W72036617 cites W2902126333 @default.
- W72036617 cites W3121693921 @default.
- W72036617 cites W3121759882 @default.
- W72036617 cites W3121886917 @default.
- W72036617 cites W3122042469 @default.
- W72036617 cites W3122340701 @default.
- W72036617 cites W3123057193 @default.
- W72036617 cites W3123091495 @default.
- W72036617 cites W3124119552 @default.
- W72036617 cites W3124391672 @default.
- W72036617 cites W3124398899 @default.
- W72036617 cites W3146692618 @default.
- W72036617 cites W599534939 @default.
- W72036617 cites W2048158235 @default.
- W72036617 hasPublicationYear "2000" @default.
- W72036617 type Work @default.
- W72036617 sameAs 72036617 @default.
- W72036617 citedByCount "8" @default.
- W72036617 countsByYear W720366172013 @default.
- W72036617 countsByYear W720366172014 @default.
- W72036617 countsByYear W720366172017 @default.
- W72036617 countsByYear W720366172019 @default.
- W72036617 crossrefType "journal-article" @default.
- W72036617 hasAuthorship W72036617A5072844813 @default.
- W72036617 hasConcept C10138342 @default.
- W72036617 hasConcept C120527767 @default.
- W72036617 hasConcept C144133560 @default.
- W72036617 hasConcept C159091798 @default.
- W72036617 hasConcept C162324750 @default.
- W72036617 hasConcept C17744445 @default.
- W72036617 hasConcept C199539241 @default.
- W72036617 hasConcept C199728807 @default.
- W72036617 hasConcept C21279758 @default.
- W72036617 hasConcept C2777764128 @default.
- W72036617 hasConcept C2778655473 @default.
- W72036617 hasConcept C556758197 @default.
- W72036617 hasConcept C73283319 @default.
- W72036617 hasConcept C88962883 @default.
- W72036617 hasConceptScore W72036617C10138342 @default.
- W72036617 hasConceptScore W72036617C120527767 @default.
- W72036617 hasConceptScore W72036617C144133560 @default.
- W72036617 hasConceptScore W72036617C159091798 @default.
- W72036617 hasConceptScore W72036617C162324750 @default.
- W72036617 hasConceptScore W72036617C17744445 @default.
- W72036617 hasConceptScore W72036617C199539241 @default.
- W72036617 hasConceptScore W72036617C199728807 @default.
- W72036617 hasConceptScore W72036617C21279758 @default.
- W72036617 hasConceptScore W72036617C2777764128 @default.
- W72036617 hasConceptScore W72036617C2778655473 @default.
- W72036617 hasConceptScore W72036617C556758197 @default.
- W72036617 hasConceptScore W72036617C73283319 @default.
- W72036617 hasConceptScore W72036617C88962883 @default.
- W72036617 hasLocation W720366171 @default.
- W72036617 hasOpenAccess W72036617 @default.
- W72036617 hasPrimaryLocation W720366171 @default.
- W72036617 hasRelatedWork W1490353842 @default.
- W72036617 hasRelatedWork W1517927669 @default.
- W72036617 hasRelatedWork W1973532503 @default.
- W72036617 hasRelatedWork W2066962997 @default.
- W72036617 hasRelatedWork W2096428216 @default.
- W72036617 hasRelatedWork W2161364128 @default.
- W72036617 hasRelatedWork W2190953986 @default.
- W72036617 hasRelatedWork W2261084181 @default.
- W72036617 hasRelatedWork W2362279859 @default.
- W72036617 hasRelatedWork W2528754270 @default.