Search Results
Showing results 1 to 2 of approximately 2.
(refine search)
Journal Article
Do Adverse Oil Price Shocks Change Loan Contract Terms for Energy Firms?
This article examined whether the relationship between creditworthiness and loan spreads for energy firms in the syndicated loan market changed after the 2014 oil-price shock. {{p}} The authors use syndicated loans, which are jointly funded by several financial institutions, because the syndicated loan market is a major source of debt financing for oil firms. Credit conditions tightened following the oil-price shock in mid-2014.
Working Paper
Productivity, nationalization, and the role of \"news\": lessons from the 1970s
The number of occurrences of an old phenomenon, expropriation of foreign-owned property, had peaked in the 1970s, and virtually every significant oil-producing developing country had nationalized its oil. Nationalization again was on the rise in the 2000s. Using novel data, this paper examines nationalization and its effect on productivity. First, we document historical global trends in expropriations, and examine the effect from the 1960s to the 1990s in a sample of oil-producing developing countries. We show that nationalization brings significant productivity losses. Then, we focus on ...