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A theory of loan syndication |
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| Authors: | Paul Schure David Scoones Qinghua Gu |
| Affiliation: | aDepartment of Economics, University of Victoria, PO Box 1700 Stn CSC, Victoria BC, Canada V8W 2Y2;bUniversity of Victoria, Canada |
| Abstract: | We provide a new theory of loan syndication. Bank syndicates control sector risk by downsizing the industry when market demand fails to meet expectations. |
| Keywords: | Syndicated loans Syndicated lending Capital structure Financial distress Bankruptcy |
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