Senior Lender Control: Monitoring Spillover or Creditor Conflict?

For helpful comments we thank JFLA editors Bernie Black and Josh Ronen, Thomas Hellman (JFLA discussant), Sreedhar Bharath, Utpal Bhattacharya, Paolo Fulghieri, Vidhan Goyal, Edie Hotchkiss, Xuewen Liu, Phong Ngo, Yaxuan Qi, Helen Ren, Jared Smith, Dragon Tang, Veikko Thiele, and Le Zhang as well as participants at Australian National University, City University of Hong Kong, Hong Kong University, INSEAD, Ivey-Smith workshop, Tsinghua University PBC School, University of Ottawa, University of Windsor, American Law and Economics Association annual meetings, Australasian Finance and Banking Conference, China International Conference in Finance, Financial Management Association annual meetings, JLFA Conference, and Northern Finance Association annual meetings. All errors are our own. Li: 86-10-62782149, lib@pbcsf.tsinghua.edu.cn; Purda: 613-533-6980, purdal@queensu.ca; Wang: 613-533-3248, wwang@queensu.ca.