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.
- Language
-
Englisch
- Bibliographic citation
-
Series: CFS Working Paper Series ; No. 529
- Classification
-
Wirtschaft
Corporate Finance and Governance: General
Information and Market Efficiency; Event Studies; Insider Trading
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Subject
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entrusted loan
inter-corporate loan
credit misallocation
certification
- Event
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Geistige Schöpfung
- (who)
-
He, Qing
Lu, Liping
Ongena, Steven
- Event
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Veröffentlichung
- (who)
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Goethe University Frankfurt, Center for Financial Studies (CFS)
- (where)
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Frankfurt a. M.
- (when)
-
2016
- Handle
- URN
-
urn:nbn:de:hebis:30:3-395767
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- He, Qing
- Lu, Liping
- Ongena, Steven
- Goethe University Frankfurt, Center for Financial Studies (CFS)
Time of origin
- 2016
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Who gains from credit granted between firms? Evidence from inter-corporate loan announcements made in China
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