The impact of joint participation on liquidity in equity and syndicated bank loan markets

被引：6
|
作者：
Allen, Linda [1 ]
Gottesman, Aron A. [2 ]
Peng, Lin [1 ]
机构：
[1] CUNY, Zicklin Sch Business, Baruch Coll, New York, NY 10010 USA
[2] Pace Univ, Lubin Sch Business, New York, NY 10038 USA
来源：
JOURNAL OF FINANCIAL INTERMEDIATION | 2012年 / 21卷 / 01期
关键词：
Syndicated bank loans; Joint participation; Market liquidity; Transparency; INSTRUMENTAL VARIABLES ESTIMATION; TRADE EXECUTION COSTS; CORPORATE BOND MARKET; LENDING RELATIONSHIPS; COMMERCIAL-BANKS; PROPENSITY SCORE; CONTRACT TERMS; TRANSPARENCY; INFORMATION; MAKERS;
D O I：
10.1016/j.jfi.2011.04.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Market liquidity is impacted by the presence of financial intermediaries that are informed and active participants in both the equity and the syndicated bank loan markets, specifically informationally advantaged lead arrangers of syndicated bank loans that simultaneously act as equity market makers (dual market makers). Employing a two-stage procedure with instrumental variables, we identify the simultaneous equations model of liquidity and dual market maker decisions. We find that the presence of dual market makers improves the liquidity of the more competitive and transparent equity markets, but widens the spread in the less competitive over-the-counter loan market, particularly for small, informationally opaque firms. (C) 2011 Elsevier Inc. All rights reserved.
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页码：50 / 78
页数：29
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