The DOI matches its Crossref record; 15 of the 15 references it cites were found in a registry or an index.
Alternative Information Sources and the Information Content of Bank Loans
Abstract
This paper examines the information content of bank loan agreements. We differentiate borrowers according to financial analysts' percentage earnings forecast errors and most recent forecast revisions. The empirical results suggest that banks rely on other indicators as initial screening devices to determine where to best deploy their evaluation and monitoring efforts. If these other indicators are reliable and signal‐improving prospects, banks do little further investigation. However, if the indicators are noisy and signal‐declining prospects, banks have incentives to expend resources to investigate the borrowers, resulting in the production of valuable information.
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Cites
A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
White, H. (1980) · Econometrica · doi:10.2307/1912934 · Cited by 25,861
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION
Brealey, R., Leland, H. E., & Pyle, D. H. (1977) · The Journal of Finance · doi:10.1111/j.1540-6261.1977.tb03277.x · Cited by 4,055
Informational Asymmetries, Financial Structure, and Financial Intermediation
Leland, H. E., & Pyle, D. H. (1977) · The Journal of Finance · doi:10.2307/2326770 · Cited by 3,760
Fama, E. F. (1985) · Journal of Monetary Economics · doi:10.1016/0304-3932(85)90051-0 · Cited by 2,342
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
Financial Intermediary-Coalitions
Boyd, J. H., & Prescott, E. C. (1985) · doi:10.21034/sr.87 · Cited by 1,440
Financial intermediary-coalitions
Boyd, J. H., & Prescott, E. C. (1986) · Journal of Economic Theory · doi:10.1016/0022-0531(86)90115-8 · Cited by 1,385
Analysts' forecasts as earnings expectations
O'brien, P. C. (1988) · Journal of Accounting and Economics · doi:10.1016/0165-4101(88)90023-7 · Cited by 984
Dodd, P., & Warner, J. B. (1983) · Journal of Financial Economics · doi:10.1016/0304-405x(83)90018-1 · Cited by 956
Cited by
On the Benefits of Concurrent Lending and Underwriting
DRUCKER, S., & PURI, M. (2005) · The Journal of Finance · doi:10.1111/j.1540-6261.2005.00816.x · Cited by 538
Do Banks Provide Financial Slack?
Hadlock, C. J., & James, C. M. (2002) · The Journal of Finance · doi:10.1111/1540-6261.00464 · Cited by 455
Gorton, G., & Winton, A. (2003) · Handbook of the Economics of Finance · doi:10.1016/s1574-0102(03)01012-4 · Cited by 304
Metadata
- Authors
- BEST, R., & ZHANG, H.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1993-09
- Volume
- 48
- Issue
- 4
- Pages
- 1507-1522
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2104003105
- Cited by
- 264
- References
- 15
- FWCI
- 5.66
- Type
- journal article
- Language
- en
- Open access
- closed
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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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