Some evidence on the uniqueness of bank loans
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Announcements of bank loan commitments and similar credit facilities yield abnormal positive stock returns on average for the borrowing firms.
“Studies found that announcements of bank loan commitments and similar credit facilities yield abnormal positive stock returns on average for the borrowing ®rms (Mikkelson and Partch, 1986;James, 1987;Lummer and McConnell, 1989;Billett et al., 1995).”
From The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle (1998) · cites this paper as James, 1987
Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957 · see citing works
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476 · see citing works
Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression
Bernanke, B. (1983) · National Bureau of Economic Research · doi:10.3386/w1054 · Cited by 2,173 · see citing works
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N. Berger, A., & F. Udell, G. (1998) · Journal of Banking & Finance · doi:10.1016/s0378-4266(98)00038-7 · Cited by 3,690 · see citing works
“…loan commitments and similar credit facilities yield abnormal positive stock returns on average for the borrowing firms (Mikkelson and Partch 1986, James 1987, Lurnmer and McConnell 1989, Billett, Flannery, and Garfinkel 1995, Klapper 1998).26 These results suggest that the banking relationships…”
Financial Development and Economic Growth: Views and Agenda
Levine, R. (1999) · Policy Research Working Papers · doi:10.1596/1813-9450-1678 · Cited by 2,977 · see citing works
Competition, Adverse Selection, and Information Dispersion in the Banking Industry: Table 1
Marquez, R. (2002) · Review of Financial Studies · doi:10.1093/rfs/15.3.901 · Cited by 417 · see citing works
The value of bank durability: Borrowers as bank stakeholders
SLOVIN, M. B., SUSHKA, M. E., & POLONCHEK, J. A. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb04708.x · Cited by 418 · see citing works
Equilibrium loan pricing under the bank–client relationship
Greenbaum, S. I., Kanatas, G., & Venezia, I. (1989) · Journal of Banking & Finance · doi:10.1016/0378-4266(89)90061-7 · Cited by 339 · see citing works
- Authors
- James, C.
- Affiliations
- University of Oregon (US)
- Corresponding author
- James, Christopher
- ORCID
- James, Christopher
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 1987-12
- Volume
- 19
- Issue
- 2
- Pages
- 217-235
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W1978352128
- Cited by
- 1,610
- References
- 3
- Citations by year
- 2026: 15 · 2025: 38 · 2024: 26 · 2023: 40 · 2022: 35 · 2021: 46 · 2020: 42 · 2019: 47 · 2018: 45 · 2017: 51 · 2016: 45 · 2015: 48 · 2014: 59 · 2013: 59 · 2012: 60
- FWCI
- 43.09
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Financial Economics (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Social Sciences › Business, Management and Accounting › Accounting › Corporate Finance and Governance
- Social Sciences › Economics, Econometrics and Finance › Finance › Credit Risk and Financial Regulations
- Keywords
- bank lending, reserve requirements, commercial paper, bank borrowers, bank credit agreements, stock price reaction, private placements, loan repayment
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
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