The U.S. Syndicated Loan Market: Matching Data

26 Pages Posted: 12 Dec 2018

See all articles by Gregory Cohen

Gregory Cohen

Board of Governors of the Federal Reserve System

Melanie Friedrichs

New York University - Stern School of Business

Kamran Gupta

Booz Allen Hamilton

William Hayes

Columbia University - Law School

Seung Jung Lee

Board of Governors of the Federal Reserve System

W. Blake Marsh

Federal Reserve Bank of Kansas City

Nathan Mislang

Board of Governors of the Federal Reserve System

Maya Shaton

Board of Governors of the Federal Reserve System

Martin Sicilian

Board of Governors of the Federal Reserve System

Multiple version iconThere are 2 versions of this paper

Date Written: December 2018

Abstract

We introduce a new software package for determining linkages between datasets without common identifiers. We apply these methods to three datasets commonly used in academic research on syndicated lending: Refinitiv LPC DealScan, the Shared National Credit Database, and S&P Global Market Intelligence Compustat. We benchmark the results of our match using results from the literature and previously matched files that are publicly available. We find that the company level matching is enhanced by careful cleaning of the data and considering hierarchical relationships. For loan level matching, a tailored approach based on a good understanding of the data can be better in certain dimensions than a more pure machine learning approach.

Keywords: bank credit, syndicated loans, probabilistic matching, company level matching, loan level matching

JEL Classification: C55, C88, E44, G21

Suggested Citation

Cohen, Gregory and Friedrichs, Melanie and Gupta, Kamran and Hayes, William and Lee, Seung Jung and Marsh, Blake and Mislang, Nathan and Shaton, Maya O and Sicilian, Martin, The U.S. Syndicated Loan Market: Matching Data (December 2018). Federal Reserve Bank of Kansas City Working Paper No. 18-09. Available at SSRN: https://ssrn.com/abstract=3297815 or http://dx.doi.org/10.2139/ssrn.3297815

Gregory Cohen (Contact Author)

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

Melanie Friedrichs

New York University - Stern School of Business

Bobst Library, E-resource Acquisitions
20 Cooper Square 3rd Floor
New York, NY 10003-711
United States

Kamran Gupta

Booz Allen Hamilton ( email )

8283 Greensboro Drive
McLean, VA 22102
United States

William Hayes

Columbia University - Law School ( email )

435 West 116th Street
New York, NY 10025
United States

Seung Jung Lee

Board of Governors of the Federal Reserve System ( email )

20th and C Streets, NW
Washington, DC 20551
United States

Blake Marsh

Federal Reserve Bank of Kansas City ( email )

1 Memorial Drive
Kansas City, MO 64198
United States

Nathan Mislang

Board of Governors of the Federal Reserve System

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

Maya O Shaton

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

Martin Sicilian

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

Register to save articles to
your library

Register

Paper statistics

Downloads
29
Abstract Views
213
PlumX Metrics