The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
Bank Borrowers and Loan Sales: New Evidence on the Uniqueness of Bank Loans*
Open accessAbstract
This paper examines the information content of the announcement of a sale of a borrower's loans by its lending bank. We find significant negative stock returns for the borrower on the loan sale announcement, particularly for sub-par loan sales, where the bank's information advantage is greatest. Further, a large proportion of these borrowers file for bankruptcy after the loan sale. The evidence supports the hypothesis that news of a bank loan sale conveys negative certification, validated by the subsequent performance of the firms whose loans are sold. We also find that selling banks are not significantly impacted.
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Citations
Cites
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
Some evidence on the uniqueness of bank loans
James, C. (1987) · Journal of Financial Economics · doi:10.1016/0304-405x(87)90003-1 · Cited by 1,610
Valuation effects of security offerings and the issuance process
Mikkelson, W. H., & Partch, M. M. (1986) · Journal of Financial Economics · doi:10.1016/0304-405x(86)90049-8 · Cited by 1,213
Further evidence on the bank lending process and the capital market response to bank loan agreements
Lummer, S. L., & McConnell, J. J. (1989) · Journal of Financial Economics · doi:10.1016/0304-405x(89)90098-6 · Cited by 856
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
Cited by
So what do I get? The bank's view of lending relationships
Bharath, S., Dahiya, S., Saunders, A., & Srinivasan, A. (2007) · Journal of Financial Economics · doi:10.1016/j.jfineco.2005.08.003 · Cited by 622
Self-citationWittenberg-Moerman, R. (2008) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2008.08.001 · Cited by 499
On Loan Sales, Loan Contracting, and Lending Relationships
Drucker, S., & Puri, M. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn067 · Cited by 478
Self-citationEsty, B. C., & Megginson, W. L. (2003) · The Journal of Financial and Quantitative Analysis · doi:10.2307/4126763 · Cited by 303
Esty, B. C., & Megginson, W. L. (2002) · SSRN Electronic Journal · doi:10.2139/ssrn.320226 · Cited by 301
Metadata
- Authors
- Dahiya, S., Puri, M., & Saunders, A.
- Venue
- The Journal of Business
- Publisher
- University of Chicago Press
- Published
- 2003-10
- Volume
- 76
- Issue
- 4
- Pages
- 563-582
- ISSN
- 0021-9398 (ISSN-L)
- 1537-5374
- OpenAlex
- W2742092787
- Cited by
- 168
- References
- 5
- FWCI
- 13.25
- Type
- journal article
- Language
- en
- Open access
- green
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- Dahiya, S., Puri, M., & Saunders, A. (2003). Bank Borrowers and Loan Sales: New Evidence on the Uniqueness of Bank Loans*. The Journal of Business. https://doi.org/10.1086/377031
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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