The impact of bank loan announcements on stock liquidity*,**

被引：2
|
作者：
Pham, Thu Phuong [1 ,2 ]
Singh, Harminder [3 ]
Vu, Van Hoang [4 ]
机构：
[1] Curtin Univ, Sch Accounting Econ & Finance, Perth, WA 6102, Australia
[2] IPAG Business Sch, Paris, France
[3] Deakin Univ, Fac Business & Law, Burwood, Vic 3125, Australia
[4] RMIT Univ, Sch Econ Finance & Mkt, Melbourne, Vic 3000, Australia
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2023年 / 86卷
关键词：
Loans announcements; Stock liquidity; Transaction costs; Corporate decisions; MARKET RESPONSE; FINANCIAL INTERMEDIATION; INVESTOR PROTECTION; INFORMATION-CONTENT; OWNERSHIP STRUCTURE; LIQUIDITY; ASK; FIRMS; FLOW; TRANSPARENCY;
D O I：
10.1016/j.iref.2023.02.009
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the impact of bank loan announcements on stock liquidity. Using a comprehensive loan announcement sample over 14 years in Australia, we find that effective spreads and realised spreads of borrowers' stocks fall after the announcements. The findings suggest these announcements send positive signals about borrowers to the market that increases liquidity provision, and reduce transaction costs, leading to improved liquidity for borrowers' stocks. This liquidity improvement is more pronounced following announcements of new loans than loan renewals. Overall, our findings provide practical implications for firm managers in the financing decision-making process and market participants in trading strategy adjustment.
引用
收藏
页码：848 / 864
页数：17
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