2023
DOI: 10.1111/1911-3846.12881
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Private information and bank‐loan pricing: The effect of upcoming corporate spinoffs

Abstract: Corporate spinoffs are important events that are accompanied by valuation and credit‐risk implications for the parent firm. Among other benefits, spinoffs can improve corporate focus and enhance valuation transparency. In the debt‐contracting context, however, spinoffs can also be associated with negative outcomes for the divesting firms. We examine whether banks, due to their timely access to material private information, are able to ascertain the likelihood and the implications of impending spinoffs for the … Show more

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