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題名 Cultural trust biases and syndicated loan market
作者 湛可南
Tuan, Le Quoc;Chan, Konan;Lin, Chih-Yung;Lin, Tse-Chun
貢獻者 財管系
關鍵詞 Cultural trust biases; Syndicated loan market; Iraq war; European debt crisis; US Presidential Election of 2016
日期 2026-08
上傳時間 2-十月-2026 15:37:10 (UTC+8)
摘要 We examine whether cultural trust biases exist in international syndicated loans and find that the more positive the perception of trustworthiness that the lender’s country has for the borrower’s country, the lower loan spreads the lender will charge the borrower. The results remain consistent across robustness checks, including alternative measures of cultural trust bias, instrumental-variable regression, and the inclusion of important loan contract determinants such as bank relation, geographical distance, cultural distance, expected default frequency, and creditworthiness. We use several short-term shocks to the perception of trustworthiness to address potential endogeneity concerns, namely (i) British bias towards the French during the Iraq war in 2003, (ii) North-South European biases during the European debt crisis, and (iii) the US Presidential Election of 2016. Consistent with our trust bias interpretation, the results are stronger for borrowing firms that bear their country’s name and for the top quartile of borrowers from countries perceived as the most trustworthy.
關聯 Journal of International Money and Finance, Vol.167, 103626
資料類型 article
DOI https://doi.org/10.1016/j.jimonfin.2026.103626
dc.contributor 財管系
dc.creator (作者) 湛可南
dc.creator (作者) Tuan, Le Quoc;Chan, Konan;Lin, Chih-Yung;Lin, Tse-Chun
dc.date (日期) 2026-08
dc.date.accessioned 2-十月-2026 15:37:10 (UTC+8)-
dc.date.available 2-十月-2026 15:37:10 (UTC+8)-
dc.date.issued (上傳時間) 2-十月-2026 15:37:10 (UTC+8)-
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=185641-
dc.description.abstract (摘要) We examine whether cultural trust biases exist in international syndicated loans and find that the more positive the perception of trustworthiness that the lender’s country has for the borrower’s country, the lower loan spreads the lender will charge the borrower. The results remain consistent across robustness checks, including alternative measures of cultural trust bias, instrumental-variable regression, and the inclusion of important loan contract determinants such as bank relation, geographical distance, cultural distance, expected default frequency, and creditworthiness. We use several short-term shocks to the perception of trustworthiness to address potential endogeneity concerns, namely (i) British bias towards the French during the Iraq war in 2003, (ii) North-South European biases during the European debt crisis, and (iii) the US Presidential Election of 2016. Consistent with our trust bias interpretation, the results are stronger for borrowing firms that bear their country’s name and for the top quartile of borrowers from countries perceived as the most trustworthy.
dc.format.extent 110 bytes-
dc.format.mimetype text/html-
dc.relation (關聯) Journal of International Money and Finance, Vol.167, 103626
dc.subject (關鍵詞) Cultural trust biases; Syndicated loan market; Iraq war; European debt crisis; US Presidential Election of 2016
dc.title (題名) Cultural trust biases and syndicated loan market
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1016/j.jimonfin.2026.103626
dc.doi.uri (DOI) https://doi.org/10.1016/j.jimonfin.2026.103626