La structure des crédits syndiqués comme défense contre les problèmes informationnels - Une analyse empirique sur le marché français

(VF)Cet article montre que la banque chef de file structure le syndicat et le prêt de manière à limiter les incidences négatives des problèmes informationnels pour les banques, permettant aux firmes les plus opaques de ne pas subir un spread trop élevé. Nous estimons les déterminants du spread des prêts syndiqués sur le marché français, de 2004 à 2006. Nous vérifions que les asymétries d’information déterminent la structure du syndicat et les caractéristiques du prêt, alors que le spread est surtout influencé par le risque de défaut de l’emprunteur, par la structure du syndicat et par les caractéristiques du prêt.(VA)This article shows that, in a loan syndicate, the leading bank determines the syndicate’s structure and the contract design to protect participant banks from the risks of asymmetric information. Consequently, firms are not charged a higher spread for lack of transparency. We provide empirical evidence on spreads of syndicated loans in the French market, from 2004 to 2006. Syndicate structure and loan characteristics are shown to depend on the presence of asymmetric information, whereas the spread is essentially explained by default risk, syndicate structure and loan characteristics.prêts syndiqués;transparence;asymétrie d’information;financement bancaire;syndicated loans;disclosure;asymmetric information;banking relationship.

La structure des crédits syndiqués comme défense contre les problèmes informationnels : une analyse empirique sur le marché français

International audienceThis article shows that, in a loan syndicate, the leading bank determines the syndicate's structure and the contract design to protect participant banks from the risks of asym-metric information. Consequently, firms are not charged a higher spread for lack of transparency. We provide empirical evidence on spreads of syndicated loans in the French market , from 2004 to 2006. Syndicate structure and loan characteristics are shown to depend on the presence of asymmetric information, whereas the spread is essentially explained by default risk, syndicate structure and loan characteristics.Cet article montre que la banque chef de file structure le syn-dicat et le prêt de manière à limiter les incidences négatives des problè-mes informationnels pour les ban-ques, permettant aux firmes les plus opaques de ne pas subir un spread trop élevé. Nous estimons les déter-minants du spread des prêts syndi-qués sur le marché français, de 2004 à 2006. Nous vérifions que les asy-métries d'information déterminent la structure du syndicat et les caractéris-tiques du prêt, alors que le spread est surtout influencé par le risque de défaut de l'emprunteur, par la structure du syndicat et par les caractéristiques du prêt

The Complementarity of Regulatory and Internal Governance Mechanisms in Banks.

Decisions taken by the manager of a bank are subject to the regulatory discipline of the Basel Committee in conjunction with the supervisory discipline of the Board of Directors, a body that represents shareholders. This research demonstrates that the two types of discipline act in complement to each other, whereas the extant literature shows that regulatory discipline is replacing the internal discipline exercised by the Board of Directors. We also show that these internal and external governance mechanisms are relevant to explain the simultaneous influences between financial performance, risk-taking and the capitalization of French banks from 1998 to 2004.Bank governance; financial performance; capital adequacy; risk-taking; banking regulation;

Does a banking relationship help a firm on the syndicated loans market in a time of financial crisis?

The volume of credit granted in the form of syndicated loans saw a marked downturn in 2008. This article seeks to understand how certain firms were nonetheless able to benefit from larger facilities or a lower interest rate than others. Using a sample of syndicated loans issued in 2008 in North America and Europe, and records of syndicated loans since 2003, we show that firms that had developed a relationship with an investment bank obtained a lower spread, but did not benefit from greater loan facilities or longer maturities

Banking Relationships and Syndicated Loans during the 2008 Financial Crisis

International audienceThe research shows that banking relationships are important to lending. However, few studies focus on the banking relationships in syndicated loans, although these loans have became a major source of financing. The last financial crisis clearly shows the impacts of credit rationing and tightening credit conditions, even in the syndicated loans market. We investigate whether banking relationships help firms to benefit from better terms for syndicated loans in a chaotic financial environment. Using a sample of syndicated loans arranged from 2003 to 2008 in North America and Europe, we find that firms with a previously developed relationship with a lead bank obtained a lower spread and a longer maturity during the financial crisis but did not benefit from larger loan facilities

California Dreaming?

Over the past few years, California became the setting for shocking tales of sex inequality and abuse in Hollywood and Silicon Valley. Decades after women achieved educational parity. men still run the corporate world. In response to these stories exposed by the #MeToo movement, California joined the transnational corporate board quota movement by converting its voluntary quota into a hard one. Will California\u27s first mover status overcome constitutional objections and inspire other jurisdictions to act. Or is just Utopian dreaming, California-style? This Essay argues that despite its many flaws, the quota may succeed in curbing male over-representation on corporate boards. After contextualizes the quota within the transnational corporate board quota movement, it rejects the U.S. reaction that emphasizes the private sector\u27s dominion over equality remedies. Despite the U.S. resistance to quotas, comparative experience reveals both that the private sector manages how quota implementation occurs. The Essay concludes that some public intervention--in concert with private efforts--remains necessar

L’ évolution du processus de décision dans un souci de gestion du risque opérationnel : cas d’une banque mutualiste marocaine.

Ce travail a pour ambition d’étudier les modifications qu’à connu le système de délégation dans le processus crédit suite aux changements réglementaires qu’à connu le secteur bancaire ces dernières années. Ainsi que le rôle du contrôle dans le maintien et la performance de ce système. Pour illustrer notre propos, nous avons mené une étude de cas au sein de la Banque Populaire Régionale d’Oujda. Les premiers résultats montrent que les dispositifs de contrôle ont à leurs tours connus une évolution pour maintenir à bien le dispositif de délégation et ainsi assurer une bonne maîtrise des risques

Les exigences de transparence des accords de Bâle: Aubaine ou fardeau pour les pays en développement ?

Nous analysons l’impact que les exigences de transparence inscrites dans les accords de Bâle ont sur le profit des banques. Leur mise en application au sein des pays en développement fait débat, car les effets attendus sont ambigus. Ainsi, une transparence accrue, impliquant une augmentation des coûts associés - en particulier les coûts opérationnels - pourrait réduire les profits bancaires, même si le niveau des capitaux requis peut diminuer. Le cadre institutionnel joue alors un rôle primordial

Sex Quotas and Burkini Bans

This Essay recounts how feminist theorists and activists managed to write their ideals into the fabric of French law and culture, and how nonfeminists began to appropriate those ideals. Parité, the 2000 law that requires half of all candidates for public office be women, saw French feminists first engineer a change in French universalism to respect sex difference; although not wholly successful, Parité advanced women\u27s political inclusion. Then, like a drop of water in a pond, these feminist ideas disappeared in plain sight: they became intrinsic to French state norms and public values. As they became woven into such norms, however, politicians began to use them to promote exclusions: first excluding Muslims from full participation in the Republic with veil and burqa bans, then supporting exclusions of sex and class with a corporate board quota (CBQ). Most recently, feminist ideas have been called upon to exclude French Muslims with proposed burkini bans