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Europe vs. the U.S.: A new look at the syndicated loan pricing puzzle

Burietz, Aurore ; Oosterlinck, Kim ; Szafarz, Ariane

Economics letters, 2017-11, Vol.160, p.50-53 [Periódico revisado por pares]

Amsterdam: Elsevier B.V

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Título:
Europe vs. the U.S.: A new look at the syndicated loan pricing puzzle
Autor: Burietz, Aurore ; Oosterlinck, Kim ; Szafarz, Ariane
Assuntos: Accounting standards ; Business administration ; Credit ratings ; Europe ; Humanities and Social Sciences ; Interest rates ; Participating loans ; Pricing puzzle ; Rating ; Studies ; Syndicated loan ; U.S
É parte de: Economics letters, 2017-11, Vol.160, p.50-53
Descrição: According to the syndicated loan pricing puzzle (Carey and Nini, 2007) interest rates charged to corporate borrowers are lower in Europe than in the U.S. Our investigation suggests that controlling for region-specific credit ratings makes the Europe–U.S. gap insignificant, and solves the puzzle. We speculate that the puzzle originates from the lack of uniformity of accounting standards. •The syndicated loan pricing puzzle points out lower-priced loans in Europe than in the U.S.•We solve the puzzle using region-specific credit ratings.•Differences in local accounting standards compromise the uniformity of credit ratings.
Editor: Amsterdam: Elsevier B.V
Idioma: Inglês

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