An empirical analysis of the effects of market response to bank loan announcements in Hong Kong stock market

被引：1
|
作者：
Qing C.C. [1 ]
Gan C. [2 ]
Li Z. [2 ]
机构：
[1] New Zealand College of Business, Christchurch
[2] Department of Accounting, Economics and Finance, Faculty of Commerce, Lincoln University, Christchurch 7647
来源：
Journal of Banking Regulation | 2011年 / 12卷 / 3期
关键词：
abnormal returns; bank loan announcements; event studies; information asymmetry;
D O I：
10.1057/jbr.2011.6
中图分类号：
学科分类号：
摘要：
This research extends the study of Boscaljon and Ho and test the effect of market response to bank loan announcement in the Hong Kong banking market after the 1997 Asian crisis. The study also investigates whether bank is still special in the financial market by comparing the market response to bank loan announcement and non-bank loan announcement. Finally, the study examines how loan characteristics influence the market response to bank loan announcement. The main findings of our study are consistent with the previous results documented for the US, Canada and Hong Kong markets, and further confirm the uniqueness of banks in the financial market. Moreover, we find that market response is significant positively related to borrower's debt ratio, and there is also a strong evidence of information leakage problem for non-bank loan announcements in the Hong Kong stock market. © 2011 Macmillan Publishers Ltd.
引用
收藏
页码：210 / 226
页数：16
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