دانلود رایگان مقاله بانک های محلی در مقابل بانک های خارجی: مزیت بازار خانگی در سندیکاهای وام

Abstract

This paper investigates the contract terms of local versus foreign bank lead loan syndications to test two opposing theories: the home market advantage gained by closer geographical proximity and soft information from existing banking relationships, versus the hold-up problem where banks exploit their information advantage at the borrower's expense. The home market advantage was supported with domestic banks informationally superior to their foreign counterparts. Loans arranged by the former carry lower interest rates, have longer maturities, and are less likely to require collateral. These results are robust after controlling for the non-randomness of the lender–borrower matching process.

6. Conclusions

This paper investigated whether a home market advantage exists in the Australian syndicated loan market and, if so, its impact on the price and non-price terms of Australian syndicated loans. The results showed that a home market advantage is at work for the Australian domestic banks in originating loan syndications. With closer geographical proximity to and existing relationships with their domestic borrowers, Australian domestic banks offered more favourable syndicated loan terms, including lower spreads, longer maturities, and lower collateral incidence, than their foreign counterparts. Our study also addressed the non-randomness of the lender–borrower matching process, where certain borrowers (often with higher international exposure) are more likely to borrow from foreign banks, potentially due to existing business connections. Our results are robust across both instrumental variable and treatment effect models.