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Do cultural differences between contracting parties matter? / Mariassunta Giannetti in Management science, Vol. 58 N° 2 (Février 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 2 (Février 2012) . - pp. 365-383 Titre : Do cultural differences between contracting parties matter? : Evidence from syndicated bank loans Type de document : texte imprimé Auteurs : Mariassunta Giannetti, Auteur ; Yishay Yafeh, Auteur Année de publication : 2012 Article en page(s) : pp. 365-383 Note générale : Management Langues : Anglais (eng) Mots-clés : Financial  contracts  Risk  sharing  Behavioral  bias  Culture Résumé : We investigate whether cultural differences between professional decision makers affect financial contracts in a large data set of international syndicated bank loans. We find that more culturally distant lead banks offer borrowers smaller loans at a higher interest rate and are more likely to require third-party guarantees. These effects do not disappear following repeated interaction between borrower and lender and are economically sizable: A one-standard-deviation increase in cultural distance, approximately the distance between Canada and the United States or between Japan and South Korea, is associated with a 6.5 basis point higher loan spread; the loan spread increases by about 23 basis points if the bank-firm match involves culturally more distant parties, for example, from Japan and the United States. We also find that cultural differences not only affect the relation between borrower and lender, but also hamper risk sharing between participant banks and culturally distant lead banks. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/2/365.abstract [article] Do cultural differences between contracting parties matter? : Evidence from syndicated bank loans [texte imprimé] / Mariassunta Giannetti, Auteur ; Yishay Yafeh, Auteur . - 2012 . - pp. 365-383. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 2 (Février 2012) . - pp. 365-383 Mots-clés : Financial  contracts  Risk  sharing  Behavioral  bias  Culture Résumé : We investigate whether cultural differences between professional decision makers affect financial contracts in a large data set of international syndicated bank loans. We find that more culturally distant lead banks offer borrowers smaller loans at a higher interest rate and are more likely to require third-party guarantees. These effects do not disappear following repeated interaction between borrower and lender and are economically sizable: A one-standard-deviation increase in cultural distance, approximately the distance between Canada and the United States or between Japan and South Korea, is associated with a 6.5 basis point higher loan spread; the loan spread increases by about 23 basis points if the bank-firm match involves culturally more distant parties, for example, from Japan and the United States. We also find that cultural differences not only affect the relation between borrower and lender, but also hamper risk sharing between participant banks and culturally distant lead banks. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/2/365.abstract