Arbeitspapier
Who gains from credit granted between firms? Evidence from inter-corporate loan announcements made in China
Who gains from inter-corporate credit? To answer this question we measure the impact of the announcements of inter-corporate loans in China on the stock prices of the firms involved. We find that the average abnormal return for the issuers of inter-corporate loans is significantly negative, whereas it is positive for the receivers. Issuing firms may be perceived by investors to have run out of worthwhile projects to finance, while receiving firms are being certified as creditworthy. Subsequent firm performance and investment confirms these valuations as overall accurate.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFS Working Paper Series ; No. 529
- Klassifikation
-
Wirtschaft
Corporate Finance and Governance: General
Information and Market Efficiency; Event Studies; Insider Trading
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Thema
-
entrusted loan
inter-corporate loan
credit misallocation
certification
- Ereignis
-
Geistige Schöpfung
- (wer)
-
He, Qing
Lu, Liping
Ongena, Steven
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Center for Financial Studies (CFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2016
- Handle
- URN
-
urn:nbn:de:hebis:30:3-395767
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- He, Qing
- Lu, Liping
- Ongena, Steven
- Goethe University Frankfurt, Center for Financial Studies (CFS)
Entstanden
- 2016
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