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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| 格式: | text |
| 語言: | English |
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Institutional Knowledge at Singapore Management University
2023
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| 在線閱讀: | 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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