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Borrower Opacity and Loan Performance: Evidence from China
Gao, Haoyu1; Wang, Junbo2; Yang, Xiaoguang3; Zhao, Lin4
2020-04-01
Source PublicationJOURNAL OF FINANCIAL SERVICES RESEARCH
ISSN0920-8550
Volume57Issue:2Pages:181-206
AbstractWe use survey data from the China Banking Regulatory Commission to construct a proxy for a firm's opacity to examine its causes and influences. Our opacity proxy is positively associated with the distance between firms and banks, the geographic dispersion of business groups, and the size of the intra-group guarantee. Firms with higher opacity have a higher default probability particularly given a poor credit history or membership in a business group with low quality credit. Our evidence, which is robust to different model specifications, confirms that the borrower's opacity can reduce the efficiency of bank monitoring. Our study indicates that loan officers have a good idea of the borrower's opacity, and their professional opinions effectively reflect this perception.
KeywordInformation opacity Loan officers' opinions Default Monitoring
DOI10.1007/s10693-019-00309-5
Indexed BySCI
Language英语
Funding ProjectNational Science Foundation of China[71702207] ; National Science Foundation of China[71528001] ; National Science Foundation of China[71720107002] ; National Science Foundation of China[71431008 71532013] ; National Science Foundation of China[71850008] ; National Science Foundation of China[71871212]
WOS Research AreaBusiness & Economics
WOS SubjectBusiness, Finance
WOS IDWOS:000527617000003
PublisherSPRINGER
Citation statistics
Document Type期刊论文
Identifierhttp://ir.amss.ac.cn/handle/2S8OKBNM/51376
Collection中国科学院数学与系统科学研究院
Corresponding AuthorWang, Junbo
Affiliation1.Cent Univ Finance & Econ, Beijing, Peoples R China
2.City Univ Hong Kong, Kowloon Tong, Hong Kong, Peoples R China
3.Chinese Acad Sci, Univ Chinese Acad Sci, Acad Math & Syst Sci, Beijing, Peoples R China
4.Chinese Acad Sci, Acad Math & Syst Sci, Beijing, Peoples R China
Recommended Citation
GB/T 7714
Gao, Haoyu,Wang, Junbo,Yang, Xiaoguang,et al. Borrower Opacity and Loan Performance: Evidence from China[J]. JOURNAL OF FINANCIAL SERVICES RESEARCH,2020,57(2):181-206.
APA Gao, Haoyu,Wang, Junbo,Yang, Xiaoguang,&Zhao, Lin.(2020).Borrower Opacity and Loan Performance: Evidence from China.JOURNAL OF FINANCIAL SERVICES RESEARCH,57(2),181-206.
MLA Gao, Haoyu,et al."Borrower Opacity and Loan Performance: Evidence from China".JOURNAL OF FINANCIAL SERVICES RESEARCH 57.2(2020):181-206.
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