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Europe vs. the U.S.: A new look at the syndicated loan pricing puzzle

par Burietz, Aurore ;Oosterlinck, Kim ;Szafarz, Ariane
Référence Economics letters, 160, page (50-53)
Publication Publié, 2017-11

Article révisé par les pairs

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Résumé :

According to the syndicated loan pricing puzzle (Carey and Nini, 2007) interest rates charged to corporate borrowers are lower in Europe than in the U.S. Our investigation suggests that controlling for region-specific credit ratings makes the Europe–U.S. gap insignificant, and solves the puzzle. We speculate that the puzzle originates from the lack of uniformity of accounting standards.