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JOURNAL OF ACCOUNTING AND FINANCE
Accrual Quality and Borrowing Costs in the Syndicated Loans Market
Author(s): Sonia Wasan, Jayaraman Vijayakumar, Kenneth N. Daniels
Citation: Sonia Wasan, Jayaraman Vijayakumar, Kenneth N. Daniels, (2013) "Accrual Quality and Borrowing Costs in the Syndicated Loans Market," Journal of Accounting and Finance, Vol. 13, Iss. 6, pp. 45 - 63
Article Type: Research paper
Publisher: North American Business Press
Abstract:
We investigate the role of accrual quality in influencing borrowing costs in the syndicated loan market.
Using a large sample of syndicated loans, and controlling for issue, and issuer characteristics that could
influence borrowing costs, we show that lower accrual quality can exacerbate conditions of information
asymmetry and lead to higher borrowing costs. Our results suggest that this may be more predominant in
loans with multiple-arrangers. Additionally, we also show that accrual quality influences the syndicate
structure and whether a loan has a single- or multiple-arrangers.
