Séminaires de recherche

Nonbank Lending


Intervenant : Sergey Chernenko
Fisher College of Business

15 mars 2018 - T004 - De 14h00 à 15h15


We provide novel systematic evidence on the terms of direct lending by nonbank financial institutions. Analyzing hand-collected data for a random sample of publicly-traded middle-market firms during the 2010-2015 period, we find that lending from nonbank financial institutions is substantial, with 30% of all loans being extended by nonbanks. Firms are more likely to borrow from a nonbank lender if local banks are poorly capitalized and less concentrated. Nonbank borrowers are smaller, riskier, and significantly more likely to have negative EBITDA. Nonbank lenders are less likely to include financial covenants in their loans, but appear to engage in substantial ex-ante screening: origination of nonbank loans is associated with larger positive announcement returns while ex-post performance is not distinguishable from bank loans. We also find that nonbank borrowers pay about 200 basis points higher interest rates than bank borrowers do. Using fuzzy regression discontinuity design and matching techniques generates similar results. Overall, our results provide evidence of market segmentation in the commercial loan market, where bank and nonbank lenders utilize different lending technologies and cater to different types of borrowers.


Intervenant : Matthieu Bouvard
Desautels Faculty of Management

14 juin 2018 - De 14h00 à 15h15


Intervenant : Mikhail Simutin
Rotman School of Management

7 juin 2018 - De 14h00 à 15h15


Intervenant : Liyan Yang
Rotman School of Management

31 mai 2018 - De 14h00 à 15h15


Intervenant : Anton Lines
Columbia Business School

24 mai 2018 - De 14h00 à 15h15


Intervenant : Ian Martin

17 mai 2018 - De 14h00 à 15h15