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AN ANALYSIS OF SYNDICATED LOAN ANNOUNCEMENTS DURING THE GLOBAL FINANCIAL CRISIS

Publisher： John Wiley & Sons Inc

E-ISSN： 1475-6803|40|4|535-565

ISSN： 0270-2592

Source： The Journal Of Financial Research, Vol.40, Iss.4, 2017-12, pp. : 535-565

Disclaimer: Any content in publications that violate the sovereignty, the constitution or regulations of the PRC is not accepted or approved by CNPIEC.

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Abstract

Abstract

The recent financial crisis presents an opportunity to examine stock market reactions to syndicated loan decisions reached by borrowers and lenders regarding loan type and loan purpose. We find that during the crisis, the renegotiation flexibility provided by revolving credit is positively valued, whereas during the low‐interest‐rate period following the crisis, both revolving and term loans are viewed favorably. We also examine information asymmetry effects and find that after the crisis, low‐creditworthy borrowers generate a positive market response, but during the crisis, high‐creditworthy borrowers are viewed positively and low‐creditworthy borrowers are punished by the market.

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