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Working Paper
The U.S. Syndicated Loan Market: Matching Data
We introduce a new software package for determining linkages between datasets without common identifiers. We apply these methods to three datasets commonly used in academic research on syndicated lending: Refinitiv LPC DealScan, the Shared National Credit Database, and S&P Global Market Intelligence Compustat. We benchmark the results of our match using results from the literature and previously matched files that are publicly available. We find that the company level matching is enhanced by careful cleaning of the data and considering hierarchical relationships. For loan level matching, a ...
Journal Article
Bank Financial Restatements and Market Discipline
Banks may reissue financial statements for several reasons, ranging from simple accounting or clerical errors to fraud. Regardless of the reason, financial restatements send negative signals to the public, potentially driving stakeholders to undertake actions that are costly to the restating bank. These actions constitute ?market discipline? and may incentivize banks to report financial information accurately. But whether financial restatements lead to market discipline is an empirical question. For example, strict bank regulation might blunt disciplinary effects if stakeholders believe ...
Journal Article
Understanding the Recent Rise in Municipal Bond Yields
In late March, investors sold off municipal bonds at a rapid pace, depressing municipal bond prices and driving up their yields relative to U.S. Treasuries. We find that this initial investor run on the municipal bond market was likely due to increased liquidity demand rather than credit concerns, making the Federal Reserve’s early actions to relieve liquidity stress effective. Going forward, however, municipal bond prices will likely reflect increased credit concerns.
Working Paper
The U.S. Syndicated Loan Market : Matching Data
We introduce a new software package for determining linkages between datasets without common identifiers. We apply these methods to three datasets commonly used in academic research on syndicated lending: Refinitiv LPC DealScan, the Shared National Credit Database, and S&P Global Market Intelligence Compustat. We benchmark the results of our match using results from the literature and previously matched files that are publicly available. We find that the company level matching is enhanced by careful cleaning of the data and considering hierarchical relationships. For loan level matching, a ...