Bank Loans to Newly Public Firms

Artikel

Prior studies have shown that newly public firms exhibit a high degree of uncertainty and asymmetric information, with few reliable sources of information. These findings suggest that investors could benefit if some independent party is able to assess the quality of a newly public firm. Since other studies have found that banks can reduce information asymmetry about firms that borrow, we examine whether banks provide information about the quality of newly public firms. We find that bank lending is consistently associated with positive long-term outcomes-newly public firms that borrow experience significantly smaller decreases in operating performance and better long-term stock performance than non-borrowers.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Journal: The Journal of Entrepreneurial Finance (JEF) ; ISSN: 1551-9570 ; Volume: 16 ; Year: 2013 ; Issue: 2 ; Pages: 33-56 ; Montrose, CA: The Academy of Entrepreneurial Finance (AEF)

Klassifikation und Themen

• Klassifikation: Management ; Information and Market Efficiency; Event Studies; Insider Trading ; Banks; Depository Institutions; Micro Finance Institutions; Mortgages ; New Firms; Startups
• Thema: Newly public firms ; Bank lending ; IPO

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Shaffer, Sherrill ; Sokolyk, Tatyana
• Ereignis: Veröffentlichung
• (wer): The Academy of Entrepreneurial Finance (AEF)
• (wo): Montrose, CA
• (wann): 2013

Weitere Informationen

• Handle: http://hdl.handle.net/10419/96224
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ