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

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...

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Bibliographic Details
Main Authors: CARVALHO, Daniel, GAO, Janet, MA, Pengfei
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2023
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Online Access:https://ink.library.smu.edu.sg/lkcsb_research/7264
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8263/viewcontent/SSRN_id3404368.pdf
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Institution: Singapore Management University
Language: English