Bank loan information and information asymmetry in the stock market: evidence from China

doi:10.1186/s40854-022-00367-0

CSpace

	Bank loan information and information asymmetry in the stock market: evidence from China
	Ye,Yanyi 1; Wang,Yun 2; Yang,Xiaoguang 3,4
	2022-05-24
发表期刊	Financial Innovation
卷号	8 期号:1
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.
关键词	Bank loan information Information asymmetry Corporate transparency Loan default information PIN G12 G14 G21
DOI	10.1186/s40854-022-00367-0
语种	英语
WOS记录号	BMC:10.1186/s40854-022-00367-0
出版者	Springer Berlin Heidelberg
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/60264
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.Beijing University of Chemical Technology; School of Economics and Management 2.University of International Business and Economics; School of Banking and Finance 3.Chinese Academy of Sciences; Academy of Mathematics and Systems Science 4.University of Chinese Academy of Sciences
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).