This paper estimates the impact of stress-testing on lending spreads. We use firm-level data on syndicated loans matched with bank holding company (BHC) data in our panel regressions. Using a difference-in-difference framework, we find: (1) BHCs that failed the stress tests increased their loan pricing; (2) Loan pricing is higher for all BHCs after the commencement of the stress tests. These findings suggest that stress-test failure leads to higher spreads in the syndicated loan market after the great financial crisis.

中文翻译：

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压力测试和贷款定价——来自银团贷款的证据

本文估计了压力测试对贷款利差的影响。我们在面板回归中使用与银行控股公司 (BHC) 数据相匹配的银团贷款的公司级数据。使用差异中的差异框架，我们发现：（1）未通过压力测试的 BHC 提高了贷款定价；(2) 压力测试开始后，所有 BHC 的贷款定价较高。这些发现表明，在金融危机之后，压力测试失败会导致银团贷款市场的利差扩大。