Private information disclosure in the secondary loan market and its impact on equity market trading costs

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2024-01-01 DOI:10.1016/j.finmar.2023.100867

Anthony Saunders , Pei Shao , Yuchao Xiao

引用次数: 0

Abstract

When a firm's loans are first traded in the secondary market, private information about the firm is disclosed to a select group of large investors, so-called qualified institutional buyers (QIBs). We document a significant information effect that benefits these buyers in the firm's market for equity, in particular, a significant impact on equity market investors and the firm's stock bid-ask spreads, which benefits informed QIBs relative to retail investors. This informational benefit raises important regulatory issues related to disclosure and SEC regulations.

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二级贷款市场的私人信息披露及其对股票市场交易成本的影响

当一家公司的贷款首次在二级市场交易时，该公司的私人信息就会被披露给特定的大型投资者群体，即所谓的合格机构买家（QIBs）。我们记录了这些买方在公司股票市场中受益的重大信息效应，尤其是对股票市场投资者和公司股票买卖价差的重大影响，相对于散户投资者而言，这对知情的合格机构买方有利。这种信息优势提出了与信息披露和美国证券交易委员会法规相关的重要监管问题。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.