Bank Balance Sheets and the Value of Lending /:
We study 1,400 UK syndicated loans, together with the financial history of the lead bank and the borrowing firm. We interpret abnormal equity returns around loan announcements as the value of the lending relationship to the firm. We find that: (i) Consistent with previous evidence, the value of lend...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2017]
|
| Schriftenreihe: | IMF working paper ;
WP/17/111. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We study 1,400 UK syndicated loans, together with the financial history of the lead bank and the borrowing firm. We interpret abnormal equity returns around loan announcements as the value of the lending relationship to the firm. We find that: (i) Consistent with previous evidence, the value of lending is higher when the firm is riskier or more opaque, suggesting that it primarily reflects the lead bank's screening and monitoring activities. (ii) As a bank becomes larger, more profitable or more capitalized, the value of its loans first increases and then decreases. The largest, most capitalised or most profitable banks do not give the most valuable loans. (iii) Firms which receive low-value loans are more likely to experience low profitability and financial distress during the lending relationship. By relating the state of bank balance sheets to borrower performance, we offer a new angle to evaluate the impact of financial conditions on the real economy. |
| Beschreibung: | 1 online resource (29 pages) |
| ISBN: | 9781475599183 1475599188 |
| ISSN: | 1018-5941 ; |
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| 505 | 0 | |a Cover; Contents; I: Introduction; II: Literature Review; III: Loan Announcements and Bank Balance Sheets; IV: Borrower Performance; V: Discussion and Conclusions; Appendix; A Data Description; B Model; List of Tables; 1 The Effect of Loan Announcements on Borrower Equity Returns; 2 The Effect of Lender Characteristics on Borrower Equity Returns (1); 3 The Effect of Lender Characteristics on Borrower Equity Returns (2); 4 The Effect of Lender Characteristics on Borrower Equity Returns (3); 5 The Loan Announcement Effect and Borrower Performance; A1 Summary Statistics for Syndicated Loan Deals. | |
| 505 | 8 | |a List of FiguresB1 Bank Lending, Profit, and Monitoring Intensity -- Baseline; B2 Bank Lending, Profit, and Monitoring Intensity -- Sensitivity Analysis. | |
| 520 | 3 | |a We study 1,400 UK syndicated loans, together with the financial history of the lead bank and the borrowing firm. We interpret abnormal equity returns around loan announcements as the value of the lending relationship to the firm. We find that: (i) Consistent with previous evidence, the value of lending is higher when the firm is riskier or more opaque, suggesting that it primarily reflects the lead bank's screening and monitoring activities. (ii) As a bank becomes larger, more profitable or more capitalized, the value of its loans first increases and then decreases. The largest, most capitalised or most profitable banks do not give the most valuable loans. (iii) Firms which receive low-value loans are more likely to experience low profitability and financial distress during the lending relationship. By relating the state of bank balance sheets to borrower performance, we offer a new angle to evaluate the impact of financial conditions on the real economy. | |
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| author | Chen, Jiaqian Vera, Giuseppe |
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| contents | Cover; Contents; I: Introduction; II: Literature Review; III: Loan Announcements and Bank Balance Sheets; IV: Borrower Performance; V: Discussion and Conclusions; Appendix; A Data Description; B Model; List of Tables; 1 The Effect of Loan Announcements on Borrower Equity Returns; 2 The Effect of Lender Characteristics on Borrower Equity Returns (1); 3 The Effect of Lender Characteristics on Borrower Equity Returns (2); 4 The Effect of Lender Characteristics on Borrower Equity Returns (3); 5 The Loan Announcement Effect and Borrower Performance; A1 Summary Statistics for Syndicated Loan Deals. List of FiguresB1 Bank Lending, Profit, and Monitoring Intensity -- Baseline; B2 Bank Lending, Profit, and Monitoring Intensity -- Sensitivity Analysis. |
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| dewey-ones | 332 - Financial economics |
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| discipline | Wirtschaftswissenschaften |
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| spelling | Chen, Jiaqian, author. http://id.loc.gov/authorities/names/no2011116946 Bank Balance Sheets and the Value of Lending / by Jiaqian Chen and Giuseppe Vera. [Washington, D.C.] : International Monetary Fund, [2017] 1 online resource (29 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Papers, 1018-5941 ; WP/17/111 Print version record. Cover; Contents; I: Introduction; II: Literature Review; III: Loan Announcements and Bank Balance Sheets; IV: Borrower Performance; V: Discussion and Conclusions; Appendix; A Data Description; B Model; List of Tables; 1 The Effect of Loan Announcements on Borrower Equity Returns; 2 The Effect of Lender Characteristics on Borrower Equity Returns (1); 3 The Effect of Lender Characteristics on Borrower Equity Returns (2); 4 The Effect of Lender Characteristics on Borrower Equity Returns (3); 5 The Loan Announcement Effect and Borrower Performance; A1 Summary Statistics for Syndicated Loan Deals. List of FiguresB1 Bank Lending, Profit, and Monitoring Intensity -- Baseline; B2 Bank Lending, Profit, and Monitoring Intensity -- Sensitivity Analysis. We study 1,400 UK syndicated loans, together with the financial history of the lead bank and the borrowing firm. We interpret abnormal equity returns around loan announcements as the value of the lending relationship to the firm. We find that: (i) Consistent with previous evidence, the value of lending is higher when the firm is riskier or more opaque, suggesting that it primarily reflects the lead bank's screening and monitoring activities. (ii) As a bank becomes larger, more profitable or more capitalized, the value of its loans first increases and then decreases. The largest, most capitalised or most profitable banks do not give the most valuable loans. (iii) Firms which receive low-value loans are more likely to experience low profitability and financial distress during the lending relationship. By relating the state of bank balance sheets to borrower performance, we offer a new angle to evaluate the impact of financial conditions on the real economy. Loans. http://id.loc.gov/authorities/subjects/sh85077863 Financial statements. http://id.loc.gov/authorities/subjects/sh85048313 Prêts. BUSINESS & ECONOMICS Finance. bisacsh Financial statements fast Loans fast Event Studies. imf Other Depository Institutions. imf Financial Markets And The Macroeconomy. imf All Countries. imf United Kingdom. imf Vera, Giuseppe, author. has work: Bank Balance Sheets and the Value of Lending (Text) https://id.oclc.org/worldcat/entity/E39PCFMDdRpMTDjdqH3MWtcybd https://id.oclc.org/worldcat/ontology/hasWork Print version: Chen, Jiaqian. Bank Balance Sheets and the Value of Lending. Washington, D.C. : International Monetary Fund, ©2017 9781475599053 IMF working paper ; WP/17/111. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1519171 Volltext |
| spellingShingle | Chen, Jiaqian Vera, Giuseppe Bank Balance Sheets and the Value of Lending / IMF working paper ; Cover; Contents; I: Introduction; II: Literature Review; III: Loan Announcements and Bank Balance Sheets; IV: Borrower Performance; V: Discussion and Conclusions; Appendix; A Data Description; B Model; List of Tables; 1 The Effect of Loan Announcements on Borrower Equity Returns; 2 The Effect of Lender Characteristics on Borrower Equity Returns (1); 3 The Effect of Lender Characteristics on Borrower Equity Returns (2); 4 The Effect of Lender Characteristics on Borrower Equity Returns (3); 5 The Loan Announcement Effect and Borrower Performance; A1 Summary Statistics for Syndicated Loan Deals. List of FiguresB1 Bank Lending, Profit, and Monitoring Intensity -- Baseline; B2 Bank Lending, Profit, and Monitoring Intensity -- Sensitivity Analysis. Loans. http://id.loc.gov/authorities/subjects/sh85077863 Financial statements. http://id.loc.gov/authorities/subjects/sh85048313 Prêts. BUSINESS & ECONOMICS Finance. bisacsh Financial statements fast Loans fast Event Studies. imf Other Depository Institutions. imf Financial Markets And The Macroeconomy. imf |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85077863 http://id.loc.gov/authorities/subjects/sh85048313 |
| title | Bank Balance Sheets and the Value of Lending / |
| title_auth | Bank Balance Sheets and the Value of Lending / |
| title_exact_search | Bank Balance Sheets and the Value of Lending / |
| title_full | Bank Balance Sheets and the Value of Lending / by Jiaqian Chen and Giuseppe Vera. |
| title_fullStr | Bank Balance Sheets and the Value of Lending / by Jiaqian Chen and Giuseppe Vera. |
| title_full_unstemmed | Bank Balance Sheets and the Value of Lending / by Jiaqian Chen and Giuseppe Vera. |
| title_short | Bank Balance Sheets and the Value of Lending / |
| title_sort | bank balance sheets and the value of lending |
| topic | Loans. http://id.loc.gov/authorities/subjects/sh85077863 Financial statements. http://id.loc.gov/authorities/subjects/sh85048313 Prêts. BUSINESS & ECONOMICS Finance. bisacsh Financial statements fast Loans fast Event Studies. imf Other Depository Institutions. imf Financial Markets And The Macroeconomy. imf |
| topic_facet | Loans. Financial statements. Prêts. BUSINESS & ECONOMICS Finance. Financial statements Loans Event Studies. Other Depository Institutions. Financial Markets And The Macroeconomy. All Countries. United Kingdom. |
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