On Loan Sales, Loan Contracting, and Lending Relationships

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Credit Lines as Monitored Liquidity Insurance: Theory and Evidence (2012, methodology): “The first measure of covenant intensity is based on the covenant index of Drucker and Puri (2009) which is computed as the sum of all 33 Electronic copy available at: https://ssrn.com/abstract=2081940 the covenants included in a loan agreement.”
Political connections and the cost of bank loans (2014, unknown): “Due to the limitations in Dealscan’s coverage of financial covenants (Drucker and Puri, 2009), we also use EDGAR to collect the covenant information.”
Securitization Without Adverse Selection: The Case of Clos (2012, unknown): “There is a large body of literature that looks at the mechanisms that mitigate asymmetric information associated with corporate loan sales; notably, Gorton and Pennacchi (1995), Dennis and Mullineaux (2000), Sufi (2007), Drucker and Puri (2009), and Ivashina (2009).”
Do Hedge Funds Trade on Private Information? Evidence from Syndicated Lending and Short-Selling (2011, background): “As pointed out by Drucker and Puri (2008) and Nini, Smith, and Sufi (2009), there are huge problems regarding the identification of covenants in Dealscan.”
Moral hazard and adverse selection in the originate-to-distribute model of bank credit (2009, unknown): “Second, the loan sales market provides an effective mechanism for risk diversification for banks (see, for example, Cebenoyan and Strahan (2002)), especially in light of the classic " credit paradox " .”