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Álvarez-Botas, C., Fernández-Méndez, C. and González, V.M. (2022): «Large bank shareholders and terms of bank loans during the Global Financial Crisis«. Journal of International Financial Management & Accounting, 33, pp. 107-133.

This paper analyzes the influence of large bank shareholders on the terms of bank loans for a sample of 12,045 loans to 3,290 borrowers from 45 countries over the period 2004–2013. We investigate the effects of bank control over bank loan terms during the global financial crisis, regardless of whether the bank shareholder is a lender or not. In line with
a monitoring effect, the results suggest that firms with bank shareholders that are non- lenders borrowed at lower interest rates and longer maturities during the period of crisis.
However, borrowers paid higher spreads and were offered shorter maturities when they borrowed from banks that are also shareholders. This effect is consistent with banks
obtaining private benefits as large shareholders as a consequence of the informational hold- up problems affecting borrowers.

CiteScore 2020 counts the citations received in 2017-2020 to articles, reviews, conference papers, book chapters and data papers published in 2017-2020, and divides this by the number of publications published in 2017-2020. Spanish Journal of Finance and Accounting has obtained a CiteScore of 1.8 (1.4 in 2019).

1.8

2020CiteScore

 

54th percentile

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Álvarez-Botas, C. and González, V.M. (2021): «Does trust matter for the cost of bank loans? Journal of Corporate Finance 66, 101791 .

This paper extends the literature related to the role of trust on economic activity, focusing on the influence of trust on lender-borrower relationships and analysing its effect on the interest rate spread for a sample of 20,699 loans from 47 countries over the period 2003–2018. We consider not just the role of trust, but also how its effect is moderated by the country’s legal enforcement and degree of economic development. The results show that trust has no effect on loan spreads. However, trust is found to reduce loan spreads when a country’s formal institutions are weak, in line with the existence of a substitutive effect between formal and informal institutions in reducing interest rates. As regards the degree of economic development, our results show that
both trust and legal enforcement have a greater influence on the interest rate spread of bank loans in countries with a lower level of economic development.

https://www.sciencedirect.com/science/article/pii/S0929119920302352

Álvarez-Botas, C. and González, V.M. (2021): «Institutions, banking structure, and the cost of debt: New international evidence». Accounting and Finance, 61 (1), pp. 265-303.

This paper analyses the effect of institutions and the structure of the banking system on the cost of debt for a sample of firms from 37 countries. The cost of debt decreases with the rule of law, the protection of creditors’ rights, and the weight of banks in the economy. The bank financing and bank concentration have a positive differential effect on the cost of debt in those countries where the financial difficulties of banks are greater. Legal enforcement, the protection of creditors’ rights and the weight of bank financing have a greater influence in countries with a lower degree of economic development.

https://onlinelibrary.wiley.com/doi/epdf/10.1111/acfi.12567