Xingyu Huang

My research interests primarily focus on corporate debt, with a special emphasis on accounting topics related to the syndicated loan market, bond market, and shareholder-debtholder conflicts. My current research primarily relies on novel data collected from SEC filings. I will be on the job market in Fall 2024 and attend the EAA talent workshop.  

JOB MARKET PAPER

The Impact of Information Exchange Technology on Syndicated Lending
Abstract: This study examines the lending market implications of improved information exchange between syndication arrangers and participants. Using a novel dataset on the adoption of centralized information platforms between arrangers and participants, I document a clear upward trend in platform adoption since the early 2000s. Arrangers with high information exchange costs are more likely to be early adopters; arrangers that initially delay adoptions for some loans eventually adopt as more market participants join the platform. Leveraging the staggered adoption across arrangers, I find that, following the initial adoption, arrangers facilitate more syndicated lending volumes, particularly for more leveraged borrowers. The platform adoption is linked to increased participating geographic diversity, the entry of new participants, and a reduced share of loans retained by arrangers. This effect is likely due to the improved capacity for handling and processing complex contracts by both arrangers and participants. However, this adoption does not significantly increase the loan default rate. Overall, the study suggests that improved information exchange can alter the private debt market, and it also contributes to the literature on how technologies impact the financial market.

WORKING PAPERS

• Huang, X., Reeb, D. M., and Zhao, W. – "Debt-Based Incentives in Executive Compensation Contracts"
• Huang, X. - "The Impact of Information Exchange Technology on Syndicated Lending"
• Huang, X. - "Do Lenders Learn from Disclosed Loan Contracts?"