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    ASIA unversity > 管理學院 > 財務金融學系 > 期刊論文 >  Item 310904400/17606


    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/17606


    Title: Economic conditions, lending competition, and evaluation effect of credit line announcements on borrowers
    Authors: 劉永欽;Liu, Yong-Chin
    Contributors: 財務金融學系
    Keywords: Line of credit;Information asymmetry;Loan cyclicality effect;Handpicking effect;Lending market competition
    Date: 2012-06
    Issue Date: 2012-11-26 10:37:41 (UTC+8)
    Abstract: This paper examines the determinants of the signaling effect of acquiring lines of credit (LCs) on borrower stock returns by testing the economic conditions and lending competition hypotheses. The economic conditions hypothesis is tested by examining the loan cyclicality and handpicking effects. The former predicts a negative relationship between economic conditions and borrower returns because of banks' loose (strict) screening practices in a booming (recessionary) economy, whereas the latter expects a positive relation around the time of the LC announcements. The lending competition hypothesis proposes that the more competitive the lending market is, the looser the banks' screening practices will be. Thus, a negative competition-borrower relation will result. Using LC data from 2001 to 2010 concerning 501 stock-listed firms in Taiwan, we find that evidence supports the lending competition hypothesis and the handpicking effect of the economic conditions hypothesis.
    Relation: Pacific Basin Finance Journal
    Appears in Collections:[財務金融學系] 期刊論文

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