Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Nishant Dass

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2023 Brandon J Bova


In this paper, I am looking to measure the difference between characteristics in loan spreads before and after COVID depending if the industry of the borrower is highly supported or not supported by governmental stimulus. This paper reveals that due to COVID-19 stimulus of supported industries, there is a meaningful difference between loan characteristics (margin, number of arrangers, and tenor) between borrowers supported versus not supported by stimulus. These findings can help financial managers at corporations have additional information on the impact on government policy on loan spreads that can be factored into structuring a firm's capital structure.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.