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Author:Saunders, Anthony 

Conference Paper
Lending relationships and loan contract terms: does size matter?

Proceedings , Paper 1049

Working Paper
When does the prime rate change?

Working Papers , Paper 90-16

Working Paper
The hedging performance of ECU futures contracts

Working Papers , Paper 87-15

Conference Paper
Intra- and interindustry effects of bank securities market activities: the case of discount brokerage

Proceedings , Paper 95

Conference Paper
Ownership structure, deregulation, and bank risk taking

Proceedings , Paper 199

Working Paper
Who changes the prime rate?

Working Papers , Paper 90-26

Working Paper
Bank size, collateral, and net purchase behavior in the federal funds market: empirical evidence a note

Working Papers , Paper 87-12

Report
Specialization in Banking

Using highly detailed data on the loan portfolios of large U.S. banks, we document that these banks "specialize" by concentrating their lending disproportionately into one industry. This specialization improves a bank’s industry-specific knowledge and allows it to offer generous loan terms to borrowers, especially to firms with access to alternate sources of funding and during periods of greater nonbank lending. Superior industry-specific knowledge is further reflected in better loan and, ultimately, bank performance. Banks concentrate more on their primary industry in times of instability ...
Staff Reports , Paper 967

Journal Article
The role of financial advisors in merger and acquisitions

This paper looks at the role of commercial banks and investment banks as financial advisors. Unlike some areas of investment banking, commercial banks have been allowed to compete directly with traditional investments banks in this area. In their role as lenders and advisors, banks can be reviewed as serving a certification function. However, banks as lenders and advisors also have a potential conflict of interest that may mitigate their certification function. Overall, it is found that the certification effect dominates the conflict of interest effect and that the certification effect is ...
Emerging Issues , Issue Feb

Report
The Myth of the Lead Arranger’s Share

We make use of Shared National Credit Program (SNC) data to examine syndicated loans in which the lead arranger retains no stake. We find that the lead arranger sells its entire loan share for 27 percent of term loans and 48 percent of Term B loans, typically shortly after syndication. In contrast to existing asymmetric information theories on the role of the lead share, we find that loans that are sold are less likely to become non-performing in the future. This result is robust to several different measures of loan performance and is reflected in subsequent secondary market prices. We ...
Staff Reports , Paper 922

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