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- Title
Accrual Quality and Borrowing Costs in the Syndicated Loans Market.
- Authors
Wasan, Sonia; Vijayakumar, Jayaraman; Daniels, Kenneth N.
- Abstract
We investigate the role of accrual quality in influencing borrowing costs in the syndicated loan market. Using a large sample of syndicated loans, and controlling for issue, and issuer characteristics that could influence borrowing costs, we show that lower accrual quality can exacerbate conditions of information asymmetry and lead to higher borrowing costs. Our results suggest that this may be more predominant in loans with multiple-arrangers. Additionally, we also show that accrual quality influences the syndicate structure and whether a loan has a single- or multiple-arrangers.
- Subjects
INVESTMENT banking; RISK sharing; SYNDICATED loans; LOANS; SYNDICATES (Finance)
- Publication
Journal of Accounting & Finance (2158-3625), 2013, Vol 13, Issue 6, p45
- ISSN
2158-3625
- Publication type
Article