Private information disclosure in the secondary loan market and its impact on equity market trading costs

被引：0
|
作者：
Saunders, Anthony [1 ]
Shao, Pei [2 ]
Xiao, Yuchao [3 ]
机构：
[1] NYU, Stern Sch Business, 44 West 4th St,Suite 9-190, New York, NY 10012 USA
[2] Univ Lethbridge, Dhillon Sch Business, 345 6 Ave SE, Calgary, AB T2G 4V1, Canada
[3] Deakin Univ, Deakin Business Sch, Melbourne Burwood Campus,70 Elgar Rd, Burwood, Vic 3125, Australia
来源：
JOURNAL OF FINANCIAL MARKETS | 2024年 / 67卷
关键词：
Secondary loan market; Stock bid -ask spread; Institutional investors; Information asymmetry; Insider trading; ASK; EARNINGS; ASYMMETRY; SALES; LIQUIDITY;
D O I：
10.1016/j.finmar.2023.100867
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
When a firm's loans are first traded in the secondary market, private information about the firm is disclosed to a select group of large investors, so-called qualified institutional buyers (QIBs). We document a significant information effect that benefits these buyers in the firm's market for equity, in particular, a significant impact on equity market investors and the firm's stock bid-ask spreads, which benefits informed QIBs relative to retail investors. This informational benefit raises important regulatory issues related to disclosure and SEC regulations.
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页数：26
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