Aramonte, Sirio
[Verfasser:in]
;
Lee, Seung Jung
[Sonstige Person, Familie und Körperschaft];
Stebunovs, Viktors
[Sonstige Person, Familie und Körperschaft]
Anmerkungen:
In: Journal of Banking and Finance, Forthcoming
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 16, 2019 erstellt
Beschreibung:
We use supervisory data to investigate the ex-ante credit risk taken by different types of lenders in the U.S. syndicated term loan market during the LSAPs period. We fi nd that nonbank lenders, mutual funds and structured-fi nance vehicles, take higher risk when longer-term interest rates decrease. The results are stronger for mutual funds that charge higher fees. Banks accommodate other lenders' investment choices by originating riskier loans and selling them off. These results are consistent with "search for yield" by nonbanks and with a risk-taking channel of monetary policy. Over the sample we study, lower longer-term interest rates appear to have only a minimal effect on loan spreads