The Global Financial Crisis and Stock Market Reaction to Bank Loan Announcements

IF 1.3 Q3 BUSINESS

Frontiers of Business Research in China Pub Date : 2016-09-01 DOI:10.3868/S070-005-016-0008-1

Ming-Hua Liu, Che Xu

引用次数: 2

Abstract

This study investigates how equity investors react to bank loan announcements in China using an event study methodology. By estimating the average Cumulative Abnormal Returns (CARs) over the event period and controlling for the impact of other factors such as borrower, lender and loan characteristics, we find that the overall reaction is negative. However, the results for the two sub-sample periods are different. After the onset of the Global Financial Crisis, the average CARs are no longer statistically different from zero, indicating higher lending standards and improvement in the quality of credit analysis of Chinese banks.

查看原文本刊更多论文

全球金融危机及股市对银行贷款公告的反应

本研究采用事件研究方法，探讨了股权投资者对中国银行贷款公告的反应。通过估算事件期间的平均累积异常收益(CARs)，并控制借款人、贷款人和贷款特征等其他因素的影响，我们发现总体反应为负。然而，两个子样本周期的结果是不同的。全球金融危机爆发后，平均car值在统计上不再与零差，这表明中国银行的贷款标准提高了，信贷分析质量也有所提高。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Frontiers of Business Research in China BUSINESS-

CiteScore

6.90

自引率

0.00%

发文量

317

审稿时长

5 weeks

期刊介绍： Frontiers of Business Research in China (FBR) is a double-blind refereed quarterly journal in business research. FBR offers a multidisciplinary forum for academics, practitioners, and policy makers that focuses on business administration, and encourages interdisciplinary studies and interactions between Chinese and international researchers. FBR publishes original academic and practical research articles that extend, test, or build management theories, as well as contributions to business administration practice, either in the Greater China region or beyond. The Journal also publishes related commentaries and case studies. FBR invites submissions of high-quality manuscripts in all areas of business administration, without limitations on research methods. Major areas of interest include, but are not limited to: Accounting, Finance, Human resources, International business, Marketing, Management information systems, Operations management, Organizational behavior, and Strategic management.