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Author:Saunders, Anthony 

Conference Paper
The effects of bank mergers and acquisitions on small business lending

Proceedings , Paper 549

Working Paper
Bank equity stakes in borrowing firms and financial distress

The authors derive optimal financial claim for a bank when the borrowing firm's uninformed stakeholders depend on the bank to establish whether the firm is distressed and whether concessions by stakeholders are necessary. The bank's financial claim is designed to ensure that it cannot collude with a healthy firm's owners to seek unnecessary concessions or to collude with a distressed firm's owners to claim that the firm is healthy. To prove that a request for concessions has not come from a healthy firm/bank coalition, the bank must hold either a very small or a very large equity stake when ...
Working Papers , Paper 96-1

Conference Paper
Bank underwriting of debt securities: modern evidence

Proceedings , Paper 481

Conference Paper
Low inflation: the behavior of financial markets and institutions

This paper provides a broad overview of the potential impact of low inflation (deflation) on U.S. financial markets and institutions. It is argued that the contemporary experience of Japan and the historical experience of the United States in the 1920s and 1930s offer only limited insights into the potential impact of low inflation (deflation) on today's U.S. financial system. A number of potential implications are discussed including a decline in secondary market trading and a trend towards reintermediation. In addition, low inflation/deflation is likely to have a material effect on bank ...
Conference Series ; [Proceedings]

Working Paper
Additions to bank loan-loss reserves: good news or bad news?

Working Papers , Paper 89-7

Working Paper
Incentives to engage in bank window-dressing: manager vs. stockholder conflicts

Working Papers , Paper 89-9

Conference Paper
Lending relationships and loan contract terms: does size matter?

Proceedings , Paper 1049

Working Paper
Bank size, collateral, and net purchase behavior in the federal funds market: empirical evidence a note

Working Papers , Paper 87-12

The Myth of the Lead Arranger’s Share

We challenge theories that lead arrangers retain shares of syndicated loans to overcome information asymmetries. Lead arrangers frequently sell their entire loan stake—in over 50 percent of term and 70 percent of institutional loans. These selloffs usually occur days after origination, with lead arrangers retaining no other borrower exposure in 37 percent of selloff cases. Counter to theories, sold loans perform better than retained loans. Our results imply that information asymmetries could be lower than commonly assumed or mitigated by alternative mechanisms such as underwriting risk. We ...
Staff Reports , Paper 922

Journal Article
Why are so many new stock issues underpriced?

Business Review , Issue Mar , Pages 3-12


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