Shareholder rights and non-price loan contract terms

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dc.contributor.authorHan, Yunhui
dc.contributor.authorUniversity of Lethbridge. Faculty of Management
dc.contributor.supervisorShao, Pei
dc.date.accessioned2017-09-21T16:40:44Z
dc.date.available2017-09-21T16:40:44Z
dc.date.issued2017
dc.degree.levelMastersen_US
dc.description.abstractThis thesis analyzes the impact of shareholder rights on non-price loan contract terms. Using a large sample of syndicated loans borrowed by U.S. firms between 1991 and 2006, I find that stronger shareholder rights significantly enhance the stringency of loan contract design. The likelihood of having collateral significantly increases with the strength of shareholder rights. Loan maturity of firms with strongest shareholder rights is 13.1% shorter. The loan size of the same borrowing firms is 8.4% smaller. These results are robust to different proxies of shareholder rights and are robust to the instrumental variable approach controlling for simultaneous determination of loan contract terms, such as collateral and maturity. This study complements the existing literature on the impact of shareholder rights on loan pricing and has important implications for understanding the impact of companies' governance structure on loan contract design.en_US
dc.embargoNoen_US
dc.identifier.urihttps://hdl.handle.net/10133/4912
dc.language.isoen_CAen_US
dc.proquest.subject0770
dc.proquest.subject0508
dc.proquestyesYesen_US
dc.publisherLethbridge, Alta. ;University of Lethbridge, Faculty of Management
dc.publisher.facultyManagementen_US
dc.relation.ispartofseriesThesis (University of Lethbridge. Faculty of Management)
dc.subjectcollateral requirements
dc.subjectloan contract design
dc.subjectloan maturity
dc.subjectloan pricing
dc.subjectloan size
dc.subjectshareholder rights
dc.titleShareholder rights and non-price loan contract termsen_US
dc.typeThesisen_US
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