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首页> 外文期刊>Journal of financial economics >The flight home effect: Evidence from the syndicated loan market during financial crises
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The flight home effect: Evidence from the syndicated loan market during financial crises

机译：逃离家园的影响：金融危机期间银团贷款市场的证据

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This paper shows that the collapse of the global market for syndicated loans during financial crises can in part be explained by a flight home effect whereby lenders rebalance their loan portfolios in favor of domestic borrowers. The home bias of lenders' loan origination increases by approximately 20% if the bank's home country experiences a banking crisis. This flight home effect is distinct from flight to quality because borrowers of different quality are equally affected. The results indicate that the home bias in capital allocation tends to increase when adverse economic shocks reduce the wealth of international investors.
机译：本文表明，在金融危机期间，全球银团贷款市场的崩溃可以部分归因于逃跑效应，借贷者借贷者重新平衡了其贷款组合，而转向了国内借款人。如果银行的母国遇到银行业危机，则贷方贷款来源的母国偏见将增加约20％。这种逃离家园的影响不同于从逃亡到高质量的过程，因为不同质量的借款人受到同等的影响。结果表明，当不利的经济冲击减少国际投资者的财富时，本国资本配置的偏向趋于增加。

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