Arbeitspapier
The total costs of corporate borrowing in the loan market: Don't ignore the fees
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.
- Sprache
-
Englisch
- Erschienen in
-
Series: ZEW Discussion Papers ; No. 16-017
- Klassifikation
-
Wirtschaft
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Berg, Tobias
Saunders, Anthony
Steffen, Sascha
- Ereignis
-
Veröffentlichung
- (wer)
-
Zentrum für Europäische Wirtschaftsforschung (ZEW)
- (wo)
-
Mannheim
- (wann)
-
2016
- Handle
- URN
-
urn:nbn:de:bsz:180-madoc-407967
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Berg, Tobias
- Saunders, Anthony
- Steffen, Sascha
- Zentrum für Europäische Wirtschaftsforschung (ZEW)
Entstanden
- 2016
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