2021年3月4日学术报告通知

发布时间:2021-03-02


【报告主题】The role of common ownership of banks in the syndicate loan market 

【主讲嘉宾】复旦大学副教授 周易

【报告时间】2021年3月4日 14:00

【讲座地点】会计学院106室



【内容提要】

This study examines the role of block ownership of banks by the same institutional investor (common ownership of banks) in the syndicate loan market. We find that common ownership of the lead and participant banks is related to both a lower loan spread and a lower syndicate concentration. These relations are more pronounced when the information asymmetry between the lead and participant banks is higher. Analysis of a quasi-natural experiment based on financial institution mergers yields similar results. These findings highlight the role of common ownership of banks in mitigating information frictions between the lead and participant banks. We also find that the lead bank is more likely to select co-owned banks as syndicate members in syndicate formation. This result suggests that the benefit of common ownership of banks in reducing agency costs outweighs its cost in increasing common owners’ risk exposure.