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Bank Loans and Under-Performers

Shaffer, Sherrill L.
Sokolyk, Tatyana
Abstract
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While theory predicts that bank loans provide valuable information to market participants, empirical results have been mixed. We propose and test the hypothesis that the benefits of bank loan announcements accrue differentially as a function of the borrowing firms' financial or operating performance. Evidence from a sample of newly public firms supports this hypothesis.
Date
2012-08-08
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Publisher
University of Wyoming. Libraries
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Keywords
Business , bank lending , bank loan announcements , information asymmetry , newly public firms JEL Code: G14 , G21
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