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1

Tarasov, A. A. "Arranging the Process of Raising Syndicated Loans." Finance: Theory and Practice 22, no. 6 (2018): 121–31. http://dx.doi.org/10.26794/2587-5671-2018-22-6-121-131.

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The article presents the main aspects of organisation, formation and management of a syndicate of banks in the syndicated lending market. A syndicated loan is provided to a borrower by two or more creditor banks on equal terms within one loan documentation package. This market has the following main characteristics: significant amounts of financing; transactions are organised and syndicated by the largest investment and commercial banks; standard legal documentation; centralisation of agency function. The syndication process is a key factor in a successful transaction in the syndicated lending
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2

El Mahdy, Dina. "Do Syndicated Loan Borrowers Trade-Off Real Activities Manipulation with Accrual-Based Earnings Management?" Journal of Risk and Financial Management 18, no. 6 (2025): 327. https://doi.org/10.3390/jrfm18060327.

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This study investigates how managers choose between alternative earnings management mechanisms among syndicated loan borrowers. Specifically, it examines the trade-off between accrual-based earnings management (AEM) and real activities manipulation (RAM) during the period leading up to syndicated loan origination. The study also explores whether lender monitoring mechanisms influence subsequent earnings management behavior. The syndicated loan market, positioned between the private and public fixed income markets, offers a distinctive context for analyzing these strategic decisions. Using a pr
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3

Fang, Xiaohua, Yutao Li, Baohua Xin, and Wenjun Zhang. "Financial Statement Comparability and Debt Contracting: Evidence from the Syndicated Loan Market." Accounting Horizons 30, no. 2 (2016): 277–303. http://dx.doi.org/10.2308/acch-51437.

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SYNOPSIS In this study, we examine whether and how borrowing firms' financial statement comparability affects the contracting features of syndicated loans. Using a sample of loans issued by U.S. public firms in the syndicated loan market over the period 1992–2008, we find strong and robust evidence that financial statement comparability is negatively associated with loan spread and the likelihood of pledging collateral, and positively associated with loan maturity and the likelihood of including performance pricing provisions in loan contracts. We also find that borrowing firms with greater fi
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4

Tarasov, A. A. "Portfolio Management in International Syndicated Lending." Review of Business and Economics Studies 12, no. 4 (2025): 91–105. https://doi.org/10.26794/2308-944x-2024-12-4-91-105.

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This article is aimed at presenting a wholesome approach to the management of a syndicated loan portfolio.Methods utilized include the following: (i) portfolio analysis — calculating the parameters of a syndicated loan portfolio (main, liquidity, diversification, and commercial parameters); (ii) measuring completion of the Key Performance Indicators (KPIs) — comparing the actual values of the parameters of the syndicated loan portfolio to the target values of the KPIs and making the required managerial decisions; (iii) portfolio management — using the various syndicated loan market techniques
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5

Jessca, Jessca. "Legal Protections for Lead Banks in Syndicated Loan Agreements: Addressing Borrower Defaults in Batam City." Justice Voice 3, no. 1 (2025): 1–18. https://doi.org/10.37893/jv.v3i1.1011.

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A syndicated loan is a form of credit extended by more than one Bank Perkreditan Rakyat (BPR) to finance the needs of a single debtor. In Batam City, syndicated loans have become a common practice among BPRs to accommodate debtors requiring large-scale financing. The primary objective of syndicated loans is to ensure compliance with the regulations set by Bank Indonesia and the Otoritas Jasa Keuangan (OJK). In the implementation of syndicated loans, one bank assumes the role of the lead bank, which is the principal bank responsible for managing the syndicated loan. The lead bank’s duties inclu
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6

Tarasov, A. A. "Comparative analysis of international syndicated loans." Vestnik Universiteta, no. 5 (June 26, 2025): 200–208. https://doi.org/10.26425/1816-4277-2025-5-200-208.

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The article proposes three approaches to the comparative analysis of international syndicated loans. The first approach includes comparison of transactions on the primary and secondary syndicated loan markets. This analysis is based on the following aspects: parties to the deal; parameters of the syndicated loans; specialised legal documentation; timelines of the deals. The second approach proposes the comparison of deals for corporate borrowers and financial institutions. In the syndicated loan market corporate there is a wide array of transaction formats (classic syndicated loans, underwritt
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7

Barker, William A. "Syndicated Loans." CFA Digest 31, no. 2 (2001): 22–24. http://dx.doi.org/10.2469/dig.v31.n2.860.

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8

Ballantyne, William. "Syndicated Loans." Arab Law Quarterly 11, no. 4 (1996): 372–82. http://dx.doi.org/10.1163/157302596x00048.

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9

Dennis, Steven A., and Donald J. Mullineaux. "Syndicated Loans." Journal of Financial Intermediation 9, no. 4 (2000): 404–26. http://dx.doi.org/10.1006/jfin.2000.0298.

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10

Kim, Jeong-Bon, and Byron Y. Song. "Auditor Quality and Loan Syndicate Structure." AUDITING: A Journal of Practice & Theory 30, no. 4 (2011): 71–99. http://dx.doi.org/10.2308/ajpt-10144.

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SUMMARY This study investigates whether and how the quality of external auditors hired by borrowers has an impact on loan syndicate structure. Our empirical analyses, using a sample of U.S. syndicated loans from 1996 to 2009, show the following findings: First, a larger number of banks participate in syndicated loans to borrowing firms with Big 4 (or previously Big 5 or Big 6) auditors than to those with non-Big 4 auditors. Second, the percentage of a syndicated loan retained by the lead bank(s) is smaller when the borrower is a client of a Big 4 auditor than when the borrower is a client of a
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11

Chala, Alemu Tulu. "The Impact of Lending Relationships on the Lead Arrangers’ Retained Share." International Journal of Financial Studies 11, no. 4 (2023): 119. http://dx.doi.org/10.3390/ijfs11040119.

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The lead arrangers of syndicated loans often have lending relationships with the borrowers, while other lenders participating in the syndicate largely engage in an arm’s length transaction. Relatively little is known about how these relationships affect the shares of syndicated loans that the lead arrangers retain in their portfolio. Using a random sample of 10,328 syndicated loans made to 7316 nonfinancial U.S. firms over the period 1987 to 2013, this paper investigates the impact of lending relationships on the shares of loans retained. The results show that lending relationships are associa
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12

Amira, Khaled, and Mark L. Muzere. "Collateral and Yield Spread of Syndicated Loans." Accounting and Finance Research 7, no. 3 (2018): 180. http://dx.doi.org/10.5430/afr.v7n3p180.

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We examine factors that influence the use of collateral in syndicated loans and explore debt contract theories under adverse selection and moral hazard. Using a probit model (Agresti, 2007) to analyse syndicated loan data (1987-2007) for firms in the United States, we find that loan and borrower specific factors and general economic conditions as well are significant in explaining the presence of collateral in these loans. Further testing exploring the relationship between collateral and yield spread of syndicated loans while using an econometric procedure (Heckman, 1976; Lee, 1978) to control
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13

Mugarura, Norman. "The Law relating to syndicated loan agreements and its application in commercial practice." Journal of Financial Regulation and Compliance 24, no. 2 (2016): 177–96. http://dx.doi.org/10.1108/jfrc-09-2015-0051.

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Purpose The purpose of this paper is to articulate the law relating to syndicated loan agreements and what legal experts and parties need to safeguard against inherent pitfalls in its usage and practice. The research design of this paper has two strands: an examination of generic issues relating syndicated loan agreements and the process; and the mechanisms for transferring proprietary rights and interests should parties want to do so. Design/methodology/approach The paper was written on the basis of evaluating primary and secondary data sources to gain insights into commercial experiences of
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14

Sianturi, Timotius Patrick Sianturi Patrick. "Legal Position of Syndicated Creditors in Submitting Claims on Debtors in the Application Process for Postponement of Debt Payment Obligations (PKPU) and the Legal Impact." JISIP (Jurnal Ilmu Sosial dan Pendidikan) 8, no. 1 (2024): 476. http://dx.doi.org/10.58258/jisip.v8i1.6301.

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The arrangement of parties who can file claims in the process of suspension debt payment obligations has been regulated in Article 270 of Law number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations. The arrangement of parties who can file bills in the suspension of debt payment process still causes several problems in its implementation. This occurs in the suspension of debt payment process against debtors in syndicated loans which still creates uncertainty in its implementation because the suspension of debt payment Law does not specifically regulate it but only pro
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15

Arsenova, L. A. "REGIONAL ASPECTS OF DEVELOPMENT OF SYNDICATED LOAN MARKET IN RUSSIA AND PRICE TRENDS UNDER THE CONDITIONS OF MODERN WORLD ECONOMIC CRISIS." Strategic decisions and risk management, no. 1 (November 1, 2014): 80–87. http://dx.doi.org/10.17747/2078-8886-2011-1-80-87.

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Syndicated loans market has significantly changed following the financial crisis in 2008-2010. However for the regional companies the syndicated loans have become an instrument for the increase in efficiency and recovery. As well Russian banks are more active on the syndicated loans market. As for the further development and pricing trends we assume that the pre-crisis amounts and structures of the syndicated loans could not return before end 2012–2013 however the pricing will remain on the current level.
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16

Priady, Nicko. "Perlindungan Hukum Terhadap Para Pihak Dalam Perjanjian Kredit Sindikasi." Recital Review 3, no. 2 (2021): 216–31. http://dx.doi.org/10.22437/rr.v3i2.12933.

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This study aims to identify and criticize the arrangements, procedures and positions of all parties involved in syndicated financing. The formulation of the problem that will be discussed in this article is about the legal relationship between the parties in a syndicated loan to resolve bad loans when they default, and the legal protection of the parties in a syndicated loan agreement. The type of research is normative law, which is a research method that emphasizes legislation, conceptual law, and case law, and describes theories related to research problems. The results show that the impleme
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17

Maslenkova, O. F. "Loans Secured by Republican Brands from a Regional Banking Syndicate." Finance: Theory and Practice 27, no. 4 (2023): 206–18. http://dx.doi.org/10.26794/2587-5671-2023-27-4-206-218.

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The subject of the study is loans secured by republican brands from the regional banking syndicate of the Republic of Tatarstan. The object of the study is regional banks and key companies of the Republic of Tatarstan. The relevance of the study is due to the need to introduce promising types of loans, increase interest income and increase the competitiveness of regional banks; providing opportunities for regional companies to raise funds to finance their activities. The goal is to determine the possibility of granting syndicated loans secured by republican brands to the regional banking syndi
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18

Hilda, Yunita Sabrie, Amalia Tasya Ananda, Filippo Taufik Harven, Maharani Tanusaputri Anita, and Arif Utomo Yusuf. "Implementation of Syndicated Credit Agreements by Conventional Commercial Banks during the COVID-19 Pandemic." Economics and Business Quarterly Reviews 5, no. 3 (2022): 16–31. https://doi.org/10.31014/aior.1992.05.03.432.

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The global spread of COVID-19 in 2020 has led to a decrease in lending and an increase in bank credit risk due to a decline in debtor performance. As an effort to mitigate this impact, banking authorities in various countries have issued guidelines related to easing loan terms and conditions for debtors affected by COVID-19. The Indonesian government through the OJK has issued several national economic stimulus policies that provide concessions to debtors affected by COVID-19. This study will focus on discussing the concept of syndicated credit agreements in Indonesia and the syndicated loan r
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19

Ntiamoah Doku, James, Raymond Dziwornu, Richard Agbanyo, and Joyce Owusuaa Awuletey. "Loan syndication and cocoa production: Evidence from Ghana." African Journal of Agricultural and Resource Economics 17, no. 2 (2022): 146–56. http://dx.doi.org/10.53936/afjare.2022.17(2).10.

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The syndication of loansis an innovative financing model that has emerged in the financial landscape to help lenders spread risk and share opportunities. This study examines the relationship between syndicated loans and cocoa production in Ghana, using annual time-series data spanning from 1993 to 2020, as well as the autoregressive distributed lag model (ARDL). The study found a positive and significant short-run and long-run relationship between syndicated loans and cocoa production. Specifically, a 1% increase in the amount of syndicated loans increases cocoa production by 0.25% in the long
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20

Estevan de Quesada, Carmen, and Moritz Renner. "Contractual Business Networks: The Case of Syndicated Loans." European Review of Contract Law 13, no. 2 (2017): 164–94. http://dx.doi.org/10.1515/ercl-2017-0007.

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AbstractThere is a growing debate in law, economics and sociology about contractual business networks as a hybrid form of cooperation that combines governance elements from market and firm. Most treatments of the subject focus on the structures of supply and distribution networks and their consequences on liability and contractual interpretation. This article confronts network theory with the case of cross-border syndicated loans. Syndicated loans are a highly important instrument of corporate finance, and they merge contractual and corporate cooperation in a particularly sophisticated manner.
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21

Chub, D. V. "A Blockchain in Concluding and Administering a Syndicated Loan Agreement." Actual Problems of Russian Law 16, no. 11 (2021): 55–64. http://dx.doi.org/10.17803/1994-1471.2021.132.11.055-064.

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A traditional banking market has undergone significant changes caused by rapid development of digital technologies, which has been largely facilitated by the coronavirus pandemic. At the same time, it seems that a blockchain technology has gained great importance in the issuance of syndicated loans. This circumstance is explained by the fact that a syndicated loan agreement, similar to the blockchain technology, traditionally brings together a large number of participants, including, in particular, borrowers, lenders, a loan manager, a mortgage manager. The paper substantiates the advantage of
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22

Tarasov, A. A. "FINANCING OF COMPANIES WITH SYNDICATED LOANS." World of Transport and Transportation 15, no. 3 (2017): 122–31. http://dx.doi.org/10.30932/1992-3252-2017-15-3-11.

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[For the English abstract and full text of the article please see the attached PDF-File (English version follows Russian version)].ABSTRACT The article analyzes the features of syndicated loans for transport companies. The purposes for which borrowers from the transport sector raise funds, and the requirements for provision of financial and information materials within the transaction are considered. The key stages of the process of attracting a syndicated loan and functions of its main participants are presented, while the success of the project is the consistency of the results with the obje
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23

Hale, Galina, Brigid Meisenbacher, and Fernanda Nechio. "Industrial Composition of Syndicated Loans and Banks’ Climate Commitments." Federal Reserve Bank of San Francisco, Working Paper Series 2024, no. 23 (2024): 01–37. http://dx.doi.org/10.24148/wp2024-23.

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In the past two decades, a number of banks joined global initiatives aimed to mitigate climate change by “greening” their asset portfolios. We study whether banks that made such commitments have a different emission exposure of their portfolios of syndicated loans than banks that did not. We rely on loan-level information with global coverage combined with country-industry information on emissions. We find that all banks have reduced their loan-emission exposures over the last 8 years. However, we do not find differences between banks that did and those that did not signal their sustainability
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24

Godlewski, Christophe J., and Laurent Weill. "Syndicated loans in emerging markets." Emerging Markets Review 9, no. 3 (2008): 206–19. http://dx.doi.org/10.1016/j.ememar.2008.04.001.

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25

Susilowati Susilowati. "Jaminan Kredit Pada Perjanjian Kredit Sindikasi." JURNAL HUKUM, POLITIK DAN ILMU SOSIAL 1, no. 1 (2023): 316–35. http://dx.doi.org/10.55606/jhpis.v1i1.1757.

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Credit Guarantee in the Syndicated Bank Credit Agreement is the most important guarantee in the Syndicated Credit Agreement which is the main discussion in this Legal Writing. The method that the author uses in this legal research is normative juridical, where the documents used as guidelines in the preparation are primary legal documents and secondary legal documents. The Credit Guarantee in the Syndicated Credit Agreement that I will use is a credit guarantee with concession rights which includes toll road concession revenues, escrow accounts, and insurance claims. The Credit Guarantee is im
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Ivasenko, Maksym, Serhiy Frolov, Mykhaylo Heyenko, Nataliia Kolodnenko, and Viktoriia Datsenko. "Operational cost savings: Blockchain-driven back-office automation and syndicated loan growth in U.S. banks." Banks and Bank Systems 20, no. 2 (2025): 189–205. https://doi.org/10.21511/bbs.20(2).2025.16.

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This article highlights the results of a study investigating whether the growth of syndicated loan activity among US commercial banks was driven by measurable operational cost savings through blockchain-powered back-office automation. Quarterly data from Q1 2010 to Q4 2024 on syndicated loan stocks, commercial and industrial loans, real GDP, bank assets, and non-interest expenses were obtained from the Federal Reserve System’s FRED database. A dummy variable was applied after 2016 to denote the implementation of the first production-level Distributed Ledger Technology (DLT) pilots. Using the A
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27

Chu, Yongqiang, Donghang Zhang, and Yijia (Eddie) Zhao. "Bank Capital and Lending: Evidence from Syndicated Loans." Journal of Financial and Quantitative Analysis 54, no. 2 (2018): 667–94. http://dx.doi.org/10.1017/s0022109018000698.

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Using within-loan estimations to remove the impact of demand-side factors, we find that the capital levels of banks participating in the same syndicated loan are positively associated with the banks’ contributions to the loan. Consistent with the argument that higher capital reduces the cost of uninsured debt, the positive effect of bank capital on lending is stronger among banks that rely more on wholesale funding. Furthermore, we find that banks increase their contributions to syndicated loans after receiving Troubled Asset Relief Program (TARP) funding. Taken together, we provide new eviden
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Adhi Saputro, Imanunggal, Anas Lutfi, and Sadino Sadino. "Jaminan Goverment Guarantee Dalam Kredit Sindikasi (Sebagai Alternatif Pembiayaan Infrastruktur Jalan Tol)." Jurnal Ilmu Hukum, Humaniora dan Politik 4, no. 1 (2024): 36–46. http://dx.doi.org/10.38035/jihhp.v4i1.1809.

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The development of an area that has an impact on the community's economy and the fulfillment of the community's basic needs requires the development of road infrastructure that supports the distribution process to run quickly and efficiently. This development is to fulfill the mobility of the community so that they become mutually connected with other regions in order to create acceleration of regional development. The state in meeting the infrastructure needs for the development of the region is expected to be able to improve the surrounding economy and other areas that are connected to the c
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29

Addoum, Jawad M., and Justin R. Murfin. "Equity Price Discovery with Informed Private Debt." Review of Financial Studies 33, no. 8 (2019): 3766–803. http://dx.doi.org/10.1093/rfs/hhz128.

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Abstract Equity markets fail to account for the value-relevant nonpublic information enjoyed by syndicated loan participants and reflected in publicly posted loan prices. A long-short strategy that buys (sells) the equities of firms with recently appreciated (depreciated) loans earns large risk-adjusted returns, suggesting a surprising and economically important level of segmentation across the same firm’s capital structure. The information lag captured by trading strategy returns is not affected by drivers of firm-specific attention, including the publication of loan returns in the Wall Stree
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30

Davaadorj, Zagdbazar, and Jorge Brusa. "Informationally advantaged lenders and the credit derivative market: Evidence from Loan only Credit Default Swap (LCDX)." Applied Finance Letters 13 (March 27, 2024): 63–76. http://dx.doi.org/10.24135/afl.v13i.738.

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This paper explores the informational role of the Loan Only Credit Default Index (LCDX) on the pricing of syndicated loans. Despite an extensive body of research on credit indices and loan pricing, limited studies have comprehensively assessed the complex relationship between the LCDX and individual loan spreads. Contrary to indices like the CDX, which are largely linked to corporate bonds, the LCDX directly pertains to the syndicated secured loan market, offering valuable insights about the overall credit default market and the cost of credit risk insurance. Preliminary results reveal a prono
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31

Bayram, Orkun. "UNRAVELING MARKET EFFICIENCY THROUGH BANK STOCK RETURNS INSIGHTS FROM SYNDICATED LOAN ANNOUNCEMENTS IN BORSA ISTANBUL." Nişantaşı Üniversitesi Sosyal Bilimler Dergisi 13, no. 1 (2025): 23–24. https://doi.org/10.52122/nisantasisbd.1662749.

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This study explores the effect of syndicated loan announcements on the stock returns of banks listed on Borsa Istanbul, utilizing the event study methodology over the 2017–2022 period. Eight publicly traded banks were analyzed to assess abnormal returns (AR), average abnormal returns (AAR), and cumulative abnormal returns (CAR) within an extensive event window. The findings reveal that syndicated loan announcements did not result in statistically significant abnormal returns, indicating a deviation from the semi-strong form of market efficiency in Borsa Istanbul. Unlike previous studies, this
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32

Estevan de Quesada, Carmen. "The Heterogeneous Composition of Syndicated Loan Consortiums." European Business Law Review 29, Issue 4 (2018): 527–47. http://dx.doi.org/10.54648/eulr2018020.

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The global syndicated loan market has been given new impetus after the slowdown during the worst years of the recent crisis. In recent times a new trend has become apparent with regard to the operators in this market, with institutional investors playing an ever more important role, as opposed to the banks that have traditionally dominated the market. This paper offers a brief introduction to the main features, contractual arrangements and players of syndicated loans, examines the structure and functions of syndicated loan consortiums in greater detail, and proposes their classification as a h
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33

Kaya, Halil D. "Syndicated bank loans and capital structure." Managerial Finance 37, no. 8 (2011): 697–714. http://dx.doi.org/10.1108/03074351111146184.

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Cortés, Janko Hernández, Josep A. Tribó, and María de las Mercedes Adamuz. "Are syndicated loans truly less expensive?" Journal of Banking & Finance 120 (November 2020): 105942. http://dx.doi.org/10.1016/j.jbankfin.2020.105942.

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35

Purgito, Jodi, and Bambang Tri Bawono. "The Role of a Notary in Making A Syndicated Loan Authentic Deed." Sultan Agung Notary Law Review 3, no. 4 (2021): 1353. http://dx.doi.org/10.30659/sanlar.3.4.1353-1363.

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The purpose of this research is to analyze & find out: 1). The role of the Notary in the implementation of the authentic deed of syndicated loan (syndicated loan) 2). Barriers & solutions in making authentic syndicated credit deeds. The approach method in this research is a sociological juridical approach. The data used are primary & secondary data obtained through interviews & literature study, data analysis was carried out by analytical descriptive. The results of the research concluded: 1). The role of the Notary in the implementation of the authentic deed of syndicated loan
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Jessca, Jessca, Rufinus Hotmaulana Hutauruk, and Hari Sutra Disemadi. "Perlindungan Hukum Terhadap Lead Bank Dalam Terjadinya Wanprestasi Kredit Sindikasi di Kota Batam." JURNAL HUKUM PELITA 6, no. 1 (2025): 37–56. https://doi.org/10.37366/jhp.v6i1.5255.

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Syndicated credit refers to the provision of credit extended by more than one rural bank (BPR) for a single debtor loan. In Batam City, this type of credit is commonly practiced by BPRs to meet the needs of debtors requiring large loans. In this mechanism, one bank acts as the lead bank, serving as the principal institution leading the syndicated credit provision. This study provides an overview of the implementation of dispute resolution in syndicated credit in the event of default by the debtor, as well as the legal protection afforded to the lead bank during the dispute resolution process.
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37

Shelepov, Andrei. "The MDBs’ Role in Syndicated Loan Deals (Review of the IMF Working Paper “Borrowing Costs and the Role of Multilateral Development Banks: Evidence From Cross-Border Syndicated Bank Lending”)." International Organisations Research Journal 15, no. 1 (2020): 190–95. http://dx.doi.org/10.17323/1996-7845-2020-01-09.

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The review covers the 2018 IMF working paper “Borrowing Costs and The Role of Multilateral Development Banks: Evidence from Cross-Border Syndicated Bank Lending.” It is acknowledged that cross-border bank lending is becoming an increasingly important source of external financing for developing countries and therefore can play a key role in infrastructure development. The working paper examines the impact of participation by multilateral development banks (MDBs) in loan syndicates on the terms of loan deals, with a particular emphasis on loan pricing. The results of the study show that MDB part
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Bidder, Rhys, Nicolas Crouzet, Margaret M. Jacobson, and Michael Siemer. "Debt Flexibility." Finance and Economics Discussion Series, no. 2023-076 (November 2023): 1–64. http://dx.doi.org/10.17016/feds.2023.076.

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This paper documents new facts on the modification of bank loans using FR Y-14Q regulatory data on C and I loans. We find that loan-level modifications of key contractual terms, such as interest and maturity, occur at least once for 41% of loans. Cross sectional differences in modifications are substantial and amplified by borrower distress. Relative to single-lender loans, syndicated loans are 1.5 times more likely to be modified and interest rate changes are twice as likely. Our findings call into question whether 1) creditor dispersion makes loan modifications more challenging and 2) relati
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Efremov, V. A., and Zh N. Tropina. "The importance of syndicated loans for companies." Scientific notes of the Russian academy of entrepreneurship 23, no. 1 (2024): 48–53. http://dx.doi.org/10.24182/2073-6258-2024-23-1-48-53.

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The article examines the specifics of the Russian and foreign syndicated lending market as a significant source of financial resources for companies implementing large+scale projects, examines the problems in the field of syndications that arose with the imposition of sanctions against Russian banks and companies. The author gives an assessment of the level of importance of this type of lending for companies, and compares it with alternative methods of raising capital. The article addresses issues related to the need to improve the legislative regulation of syndicated lending in the Russian ma
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Chen, Mary, Seung Jung Lee, Daniel Neuhann, and Farzad Saidi. "Less Bank Regulation, More Non-Bank Lending." Finance and Economics Discussion Series, no. 2023-026 (May 2023): 1–38. http://dx.doi.org/10.17016/feds.2023.026.

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Bank deregulation in the form of the repeal of the Glass-Steagall Act facilitated the entry of non-bank lenders into the market for syndicated loans during the pre-2008 credit boom. Institutional investors disproportionately purchase tranches of loans originated by universal banks able to cross-sell loans and underwriting services to firms (as permitted by the repeal). A shock to cross-selling intensity increases loan liquidity at origination and over time. The mechanism is that non-loan exposures ensure monitoring even when banks retain small loan shares. Our findings complement the conventio
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41

Cheng, Lin. "Organized Labor and Debt Contracting: Firm-Level Evidence from Collective Bargaining." Accounting Review 92, no. 3 (2016): 57–85. http://dx.doi.org/10.2308/accr-51566.

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ABSTRACT This paper employs a firm-level collective bargaining dataset to investigate the effect of labor, as an important stakeholder of a firm, on debt contracting. I conjecture and provide evidence that firms with strong organized labor prefer bank loans to public bonds because, by communicating with banks privately, unionized firms can reduce the adverse selection costs while preserving the information asymmetry with organized labor. Furthermore, I show that organized labor influences the structure of syndicated loans. When firms with strong unions withhold public disclosures, but communic
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42

Ambrocio, Gene, Xian Gu, Iftekhar Hasan, and Panagiotis N. Politsidis. "The diplomacy discount in global syndicated loans." Journal of International Money and Finance 120 (February 2022): 102542. http://dx.doi.org/10.1016/j.jimonfin.2021.102542.

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43

Gupta, Anurag, Ajai K. Singh, and Allan A. Zebedee. "Liquidity in the pricing of syndicated loans." Journal of Financial Markets 11, no. 4 (2008): 339–76. http://dx.doi.org/10.1016/j.finmar.2007.12.002.

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44

Maskara, Pankaj Kumar. "Economic value in tranching of syndicated loans." Journal of Banking & Finance 34, no. 5 (2010): 946–55. http://dx.doi.org/10.1016/j.jbankfin.2009.10.007.

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45

Haque, Sharjil, Simon Mayer, and Teng Wang. "How Private Equity Fuels Non-Bank Lending." Finance and Economics Discussion Series, no. 2024-015 (March 2024): 1–48. http://dx.doi.org/10.17016/feds.2024.015.

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We show how private equity (PE) buyouts fuel loan sales and non-bank participation in the U.S. syndicated loan market. Combining loan-level data from the Shared National Credit register with buyout deals from Pitchbook, we find that PE-backed loans feature lower bank monitoring, lower loan shares retained by the lead bank, and more loan sales to non-bank financial intermediaries. For PE-backed loans, the sponsor’s reputation and the strength of its relationship with the lead bank further reduce the lead bank’s retained share and monitoring. Our results suggest that PE sponsor engagement substi
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Chin, Chen-Lung, Wei-Ren Yao, and Pei-Yi Liu. "Industry Audit Experts and Ownership Structure in the Syndicated Loan Market: At the Firm and Partner Levels." Accounting Horizons 28, no. 4 (2014): 749–68. http://dx.doi.org/10.2308/acch-50825.

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SYNOPSIS The PCAOB has recently issued two concept releases that seek feedback on a proposal that requires audit firms to disclose the name of the engagement partner in the audit report. This paper provides evidence about the efficacy of this proposal by examining whether industry audit experts at the partner level are valued by stakeholders—lenders in the syndicate loan market. Our paper is based on the unique data in Taiwan, where the audit report is issued in the name of two signing auditors, as well as the audit firm. Prior research suggests that lead arrangers prefer to hold a lower share
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47

Franco, Francesca, Oktay Urcan, and Florin P. Vasvari. "Corporate Diversification and the Cost of Debt: The Role of Segment Disclosures." Accounting Review 91, no. 4 (2015): 1139–65. http://dx.doi.org/10.2308/accr-51325.

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ABSTRACT Previous theoretical arguments suggest that industrial diversification provides a co-insurance effect that decreases the firm's default risk. In this paper, we endogenously estimate a firm's segment disclosure quality and investigate whether the quality of segment disclosures significantly affects bond investors' assessment of the co-insurance effect of diversification. We document that bonds issued by industrially diversified firms with high-quality segment disclosures have significantly lower yields than bonds issued by diversified firms with low-quality segment disclosures. We also
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Nikitina, Natalya I., and Yulia I. Lymar. "AREAS FOR IMPROVEMENT OF LAWS ON SYNDICATED LOANS." Banking law 2 (March 11, 2020): 68–74. http://dx.doi.org/10.18572/1812-3945-2020-2-68-74.

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Altunbaş, Yener, Alper Kara, and David Marques-Ibanez. "Large debt financing: syndicated loans versus corporate bonds." European Journal of Finance 16, no. 5 (2010): 437–58. http://dx.doi.org/10.1080/13518470903314394.

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Focarelli, Dario, Alberto Franco Pozzolo, and Luca Casolaro. "The pricing effect of certification on syndicated loans." Journal of Monetary Economics 55, no. 2 (2008): 335–49. http://dx.doi.org/10.1016/j.jmoneco.2007.11.004.

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