Loan spreads and credit cycles: The role of lenders' personal economic experiences

• المؤلفون الرئيسيون: CARVALHO, Daniel, GAO, Janet, MA, Pengfei
• التنسيق: text
• اللغة: English
• منشور في: Institutional Knowledge at Singapore Management University 2023
• الموضوعات: Personal experiences; Credit cycle; Loan officers; Lender optimism; Sophisticated investors; Real estate prices; Corporate Finance; Finance and Financial Management
• الوصول للمادة أونلاين: https://ink.library.smu.edu.sg/lkcsb_research/7264; https://ink.library.smu.edu.sg/context/lkcsb_research/article/8263/viewcontent/SSRN_id3404368.pdf
• المؤسسة: Singapore Management University

We provide evidence that changes in lender optimism can lead to excessive fluctuations in credit spreads across the credit cycle. Using data on the real estate properties of loan officers originating large corporate loans, we find that credit spreads overreact to sophisticated lenders' recent l...