作者：Berg, Tobias; Saunders, Anthony; Steffen, Sascha
作者单位：University of Bonn; New York University; University of Mannheim; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW)
摘要：More than 80% of U.S. syndicated loans contain at least one fee type and contracts typically specify a menu of spreads and fee types. We test the predictions of existing theories on the main purposes of fees and provide supporting evidence that: (1) fees are used to price options embedded in loan contracts such as the drawdown option for credit lines and the cancellation option in term loans, and (2) fees are used to screen borrowers based on the likelihood of exercising these options. We also...
作者：Stroebel, Johannes
作者单位：New York University
摘要：empirically analyze credit market outcomes when competing lenders are differentially informed about the expected return from making a loan. I study the residential mortgage market, where property developers often cooperate with vertically integrated mortgage lenders to offer financing to buyers of new homes. I show that these integrated lenders have superior information about the construction quality of individual homes and exploit this information to lend against higher quality collateral, de...
