Earticle

초록

영어

I find that a more concentrated debt structure increases the likelihood of newly issued loans being sold in the secondary market. A one-standard-deviation increase in the Herfindahl-Hirschman Index of the seven debt types prior to loan issuance is associated with a 7% higher likelihood of a new loan being sold relative to the sample average. A more concentrated debt structure enhances coordination and bargaining power among existing creditors, which discourages the participation of new lenders and weakens their bargaining position. Consequently, new entrants tend to prefer more tradable loan structures and rely on active secondary markets to mitigate these constraints. This effect is less pronounced for loans involving relationship lenders or those structured as credit lines, which can mitigate conflicts between existing and prospective creditors. By contrast, the effect is more pronounced for firms with a higher proportion of secured debt, as the presence of collateral strengthens incumbent lenders’ incentives to monitor borrowers and enforce their claims in the event of default. Moreover, the effect is amplified among financially distressed firms, where disputes over asset distribution are more likely to occur. These results underscore the critical role of a borrower’s existing debt structure in shaping investor behavior.

목차

Abstract
Ⅰ. Introduction
Ⅱ. Theoretical motivation and hypothesis development
Ⅲ. Data and research method
1. Data
2. Debt concentration measure
3. Research method
Ⅳ. Empirical results
1. Main results
2. Cross-sectional variation
3. Discussion
Ⅴ. Robustness
1. Causal regression: instrumental variable approach
2. Heckman selection model
Ⅵ. Conclusion and future research
References
Appendix

키워드

저자

• Junho Oh [ Assistant Professor, Hankuk University of Foreign Studies ] Corresponding Author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  재무연구 [Asian Review of Financial Research]

• 간기

  계간

• pISSN

  1229-0351

• eISSN

  2713-6531

• 수록기간

  1988~2026

• 등재여부

  KCI 등재,SCOPUS

• 십진분류

  KDC 325 DDC 330