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Local bankruptcy and geographic contagion in the bank loan market
Addoum, Jawad M.
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Kumar, Alok
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Le, Nhan
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Niessen-Ruenzi, Alexandra
![[img]](https://madoc.bib.uni-mannheim.de/42184/1.hassmallThumbnailVersion/Local%20bankruptcy%20and%20geographic%20contagion%20in%20the%20bank%20loan%20market.pdf)  Vorschau |
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Local bankruptcy and geographic contagion in the bank loan market.pdf
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DOI:
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https://doi.org/10.2139/ssrn.2637026
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URL:
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https://madoc.bib.uni-mannheim.de/42184
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URN:
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urn:nbn:de:bsz:180-madoc-421842
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Dokumenttyp:
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Arbeitspapier
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Erscheinungsjahr:
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2015
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Titel einer Zeitschrift oder einer Reihe:
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SSRN Working Paper Series
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Ort der Veröffentlichung:
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Rochester, NY
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Verlag:
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SSRN
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Auflage:
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Revised Oct. 2019
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Sprache der Veröffentlichung:
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Englisch
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Einrichtung:
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Fakultät für Betriebswirtschaftslehre > ABWL u. Corporate Governance (Niessen-Ruenzi 2012-)
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Lizenz:
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Creative Commons Namensnennung 4.0 International (CC BY 4.0)
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Fachgebiet:
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330 Wirtschaft
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Freie Schlagwörter (Englisch):
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Corporate bankruptcy , geographic contagion , bank loans
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Abstract:
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This paper examines whether corporate bankruptcies influence the bank loan characteristics of geographically proximate firms. We find that, controlling for industry contagion and local economic conditions, firms headquartered near a bankruptcy event experience a 7 basis point increase in loan spreads over the subsequent year, even when the credit default risks of local firms do not increase. There is also an increase in the proportion of secured loans among non-filing local firms. Local bankruptcy has a stronger impact among lenders with geographically concentrated loan portfolios, but even lenders with low exposure to the local economy increase their spreads. The adverse effects of bankruptcy weaken as borrowers' distance to bankrupt firms increases. Collectively, these results suggest that lenders are sensitive to local bankruptcies and induce geographic contagion in the bank loan market.
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Zusätzliche Informationen:
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Online-Ressource
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 | Dieser Eintrag ist Teil der Universitätsbibliographie. |
 | Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt. |
 Suche Autoren in
BASE:
Addoum, Jawad M.
;
Kumar, Alok
;
Le, Nhan
;
Niessen-Ruenzi, Alexandra
Google Scholar:
Addoum, Jawad M.
;
Kumar, Alok
;
Le, Nhan
;
Niessen-Ruenzi, Alexandra
ORCID:
Addoum, Jawad M., Kumar, Alok, Le, Nhan and Niessen-Ruenzi, Alexandra  ORCID: https://orcid.org/0000-0002-9493-8280
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