Are Bank Loans Still 'Special' (Especially During a Crisis)? Empirical Evidence from a European Country
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Bank loans and borrower value during the recent financial crisis Empirical evidence from France
We investigate the impact of bank loan announcements on borrower value during the recent boom and bust cycle of the 2000’s using a sample of 253 large loans to French borrowers. We find no significant stock market reaction to bank loan announcements during the boom period but a significant and negative one during the financial crisis. Hence, although we document significant changes in ...
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Purpose – The main purpose of this study is to explore the relationship between total quality management (TQM) practices and service quality as well as the relationship between TQM practices and market orientation. Design/methodology/approach – Structured questionnaires were distributed to managers of 175 service organisations in the northern region of Malaysia; 101 were returned. Findings – Th...
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It is commonly argued that banks play a special role in the financial system because they resolve an important information asymmetry. The recent development of an active secondary market for loans could however potentially diminish this special role. This study utilizes a unique dataset of secondary market loan prices to examine this issue. We find that new loan announcements are associated wit...
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This paper examines the information content of loan announcements using an event study methodology. I differentiate between loan announcements according to the type of lending institution. The empirical results suggest that the information released by bank loans announcements are greater than loans announced by other lenders. Furthermore, the market response is greatest when the borrower firm h...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2012
ISSN: 1556-5068
DOI: 10.2139/ssrn.2010788