Investor Relations and Private Debt Markets
Bibliographic record
Abstract
ABSTRACT We examine the role of investor relations (IR) in private debt markets. We find that firms with dedicated IR officers (IROs) receive significantly lower loan spreads, particularly when lenders require a better understanding of the borrower’s risk profile. Among firms with IROs, those with longer tenured officers experience lower spreads, especially when IROs also manage financial responsibilities. To address endogeneity concerns, we demonstrate that loan spreads decline when a firm establishes an IR program and rise when the program is discontinued. Furthermore, when a different individual assumes the IRO role, loan spreads increase, even though there are no reductions in firm disclosure. Loans issued to firms with IROs also have shorter syndication duration, attract more nonrelationship, foreign, and nonbank participant lenders, feature more customized covenants, and are less likely to undergo renegotiation. Overall, our study provides robust evidence of the relevance of IR in private debt markets. JEL Classifications: D82; G14; G21; G32; M41.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.009 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.000 | 0.001 |
| Scholarly communication | 0.003 | 0.002 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.007 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".