Arbeitspapier

The total costs of corporate borrowing in the loan market: Don't ignore the fees

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More than 80% of US syndicated loans contain at least one fee type and contracts typically specify a menu of spread and different types of fees. We test the predictions of existing theories about the main purposes of fees and provide supporting evidence that: (1) fees are used to price options embedded in loan contracts such as the draw-down option for credit lines and the cancellation option in term loans; and (2) fees are used to screen borrowers about the likelihood of exercising these options. We also propose a new total-cost-of-borrowing measure that includes various fees charged by lenders.

Language: Englisch

Bibliographic citation: Series: ZEW Discussion Papers ; No. 16-017

Classification: Wirtschaft

Event: Geistige Schöpfung

(who): Berg, Tobias
Saunders, Anthony
Steffen, Sascha

Event: Veröffentlichung

(who): Zentrum für Europäische Wirtschaftsforschung (ZEW)

(where): Mannheim

(when): 2016

Handle: http://hdl.handle.net/10419/129110

URN: urn:nbn:de:bsz:180-madoc-407967

Last update: 10.03.2025, 11:43 AM CET

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Object type

Arbeitspapier

Associated

Berg, Tobias
Saunders, Anthony
Steffen, Sascha
Zentrum für Europäische Wirtschaftsforschung (ZEW)

Time of origin

2016

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