haku: @all credit rating / yhteensä: 76
viite: 76 / 76
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| Tekijä: | Billett, M. Flannery, M. Garfinkel, J. |
| Otsikko: | The effect of lender identity on a borrowing firm's equity return |
| Lehti: | Journal of Finance
1995 : JUN, VOL. 50:2, p. 699-718 |
| Asiasana: | FINANCE DEBT COMPANIES |
| Kieli: | eng |
| Tiivistelmä: | Previous research demonstrates that a firm's common stock price tends to fall when it issues new public securities. By contrast, commercial bank loans elicit significantly positive borrower returns. This article investigates whether the lender's identity influences the market's reaction to a loan announcement. Although the authors find no significant difference between the market's response to bank and nonbank loans, they do find that lenders with a higher credit rating are associated with larger abnormal borrower returns. |
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