主题： Nonbank Lending（非银行借贷）
主讲人：Robert Prilmeier, 杜兰大学商德州扑克大小
助理教授
日期：2018年4月18日（周三）
时间：上午10:00 - 11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
We provide novel
systematic evidence on the terms of direct lending by nonbank financial
institutions. Analyzing hand-collected data for a random sample of publicly
traded middle-market firms during the 2010-2015 period, we find that nonbank
lending is widespread, with 30% of all loans being extended by nonbanks. Firms
are more likely to borrow from a nonbank lender if local banks are poorly
capitalized and less concentrated. Nonbank borrowers are smaller, more R&D
intensive, and significantly more likely to have negative EBITDA. Nonbank
lenders are less likely to monitor by including financial covenants in their
loans, but appear to engage in more ex-ante screening: origination of nonbank
loans is associated with larger positive announcement returns. We find that
nonbank borrowers pay about 200 basis points higher interest rates than bank
borrowers. Using fuzzy regression discontinuity design and matching techniques
generates similar results. Overall, our results provide evidence of market
segmentation in the commercial loan market, where bank and nonbank lenders
utilize different lending technologies and cater to different types of
borrowers.
主讲人简介:
Robert
Prilmeier is an Assistant Professor in Finance at Tulane University and has
been a member of the faculty since 2012. He received his Ph.D. in Finance from
The Ohio State University. His research interests lie in debt financing and
financial intermediation, with a focus on empirical studies in debt
contracting, financial crises, and bank performance. His work has been
published in the Journal of Finance, Journal of Financial Economics, and Review
of Financial Studies.
