Bank loan information and information asymmetry in the stock market: evidence from China
文献类型：期刊论文
| 作者 | Ye,Yanyi4; Wang,Yun3; Yang,Xiaoguang1,2 |
| 刊名 | Financial Innovation
 |
| 出版日期 | 2022-05-24 |
| 卷号 | 8期号:1 |
| 关键词 | Bank loan information Information asymmetry Corporate transparency Loan default information PIN G12 G14 G21 |
| DOI | 10.1186/s40854-022-00367-0 |
| 英文摘要 | AbstractIn this study, we use bank loan information to construct proxies for corporate transparency and examine whether these measures reflect information asymmetry in the stock market. Our analysis is based on a novel dataset of stock transactions and bank loans of all publicly listed firms on the Shenzhen Stock Exchange, covering January 2008 to June 2013. We find that firms with outstanding loans have a lower level of information asymmetry in the stock market, whereas firms with defaulted loans have a higher level of asymmetry. Further evidence demonstrates that the effect of loan default on information asymmetry in the stock market is more pronounced when these loans are borrowed from joint-equity commercial banks or multiple banks and when the default occurs under inactive market conditions. Our results remain robust to a series of endogeneity and sensitivity tests and provide suggestive evidence of a close connection between the credit loan and stock markets. |
| 语种 | 英语 |
| WOS记录号 | BMC:10.1186/S40854-022-00367-0 |
| 出版者 | Springer Berlin Heidelberg |
| 源URL | [http://ir.amss.ac.cn/handle/2S8OKBNM/60263]  |
| 专题 | 中国科学院数学与系统科学研究院 |
| 通讯作者 | Yang,Xiaoguang |
| 作者单位 | 1.University of Chinese Academy of Sciences 2.Chinese Academy of Sciences; Academy of Mathematics and Systems Science 3.University of International Business and Economics; School of Banking and Finance 4.Beijing University of Chemical Technology; School of Economics and Management |
| 推荐引用方式 GB/T 7714 | Ye,Yanyi,Wang,Yun,Yang,Xiaoguang. Bank loan information and information asymmetry in the stock market: evidence from China[J]. Financial Innovation,2022,8(1). |
| APA | Ye,Yanyi,Wang,Yun,&Yang,Xiaoguang.(2022).Bank loan information and information asymmetry in the stock market: evidence from China.Financial Innovation,8(1). |
| MLA | Ye,Yanyi,et al."Bank loan information and information asymmetry in the stock market: evidence from China".Financial Innovation 8.1(2022). |
入库方式： OAI收割
来源：数学与系统科学研究院
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