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題名 聯貸案揭露程度之實證研究
Why Disclosure Levels Varied among Syndicated Loan Contracts?
作者 魏品揚
貢獻者 張元晨
魏品揚
關鍵詞 聯合貸款
自願性揭露
貸款條件
syndicated loan
voluntary disclosure
loan contract terms
日期 2016
上傳時間 22-Aug-2016 10:43:56 (UTC+8)
摘要 本篇論文可以區分為三個部分，第一部分主要是提供一個衡量每筆聯貸案揭露程度的指標。本文初步實證結果發現聯貸案揭露程度之多寡取決於貸款目的、型態及借款者的國家。此外，本文也發現大部分聯貸案鮮少揭露主、參貸行各自承擔的聯貸份額。第二部分則是使用1986年至2015 年間之聯貸案為樣本探討何種因素會去影響借款者聯貸合約揭露的多寡。本文結果發現借款者的貸款目的、借款者與主貸行之關係、主貸行聲譽、法源、借款者規模、市場競爭程度及法規體制的改變會去影響公司的揭露決策。最後，第三部分則是探討借款者揭露聯貸合約之多寡，是否會影響公司之借貸條件，包含利率、金額、借款期間及財務限制條款。實證結果發現借款者揭露愈多聯貸資訊，可以降低借款利率。
This study investigates issues regarding bank loan disclosures by using syndicated data from 1986 to 2015. Our preliminary results show that most of syndicated loan contracts do not disclose bank allocation (loan shares among banks), and disclosure levels varied among loan purposes, loan type and countries. This implies that loan disclosures have strategic concerns. By constructing new indices of bank loan disclosures, we also investigate why some firms voluntarily disclosure more information about their loan condition. Results show that firms’ risk of loan purpose, bank relationship, lead bank reputation, legal of origin, firms’ size, borrower market competition and regulatory change affect firms’ disclosure policies. We also find that more detailed loan disclosures lead to reduction on cost of bank loans.
參考文獻 Ali, A., Ronen, J., and Li, S. H., 1994. Discretionary Disclosures in Response to Intra-Industry Information Transfers. Journal of Accounting Auditing and Finance, 9, 265-282.\nAli, A., Klasa, S., and Yeung, P. E., 2014. Industry Concentration and Corporate Disclosure Policy. Journal of Accounting and Economics, 58, 240-264.\nAmihud, Y. and Mendelson, H., 1986. Asset Pricing and the Bid-Ask Spread. Journal of Financial Economics, 17, 223-249.\nBae, K.-H., and Goyal, V. K., 2009. Creditor Rights, Enforcement, and Bank Loans. Journal of Finance, 64, 823-860.\nBamber, L. and Cheon, Y., 1998. Discretionary Management Earnings Forecast Disclosures: Antecedents and Consequences of Forecast Venue and Forecast Specificity Choices. Journal of Accounting Research, 36, 167-190.\nBarry, C., and Brown, S., 1985. Differential Information and Security Market Equilibrium. Journal of Financial and Quantitative Analysis, 20, 407422.\nBelkaoui, A. and Karpik, P. G., 1989. Determinants of the Corporate Decision on Disclose Social Information. Accounting Auditing and Accountability Journal. 2, 36-51.\nBharath, S., Dahiya, S., Saunders, A., and Srinivasan, A., 2011. Lending Relationship and Loan Contract Terms. Review of Financial Studies, 24, 1141-1203.\nBiddle, G. C. and Saudagaran, S. M., 1989. The Effects of Financial Disclosure Levels on Firm’s Choices among Alternative Foreign Stock Exchange Listings, Journal of International Financial Management and Accounting, 1, 57-87.\nBillett, M., Flannery M. and Garfinkel, J., 1995. The Effect of Lender Identify on a Borrowing Firm`s Equity Return. Journal of Finance, 50, 699-718.\nBotosan, C. A., 1997. Disclosure Level and the Cost of Equity Capital, The Accounting Review, 72, 323-349.\nBotosan, C., and Staford, M., 2005. Managers’ Motives to Withhold Segment Disclosures and the Effect of SFAS 131 on Analysts’ Information Environment. The Accounting Review, 80, 751-771.\nBoyd, J. H., and Prescott, E. C., 1986. Financial Intermediary-Coalitions. Journal of Economic Theory, 38, 211-232.\nBradbury, M. E., 1992. Voluntary Disclosure of Financial Segment Data: New Zealand Evidence. Accounting and Finance, 32, 15-26.\nBushman, R. M., and Wittenberg-Moerman, R., 2012. The Role of Bank Reputation in “Certifying” Future Performance Implications of Borrowers’ Accounting Numbers. Journal of Accounting Research, 50, 883-930.\nCampbell, T., and Kracaw, W., 1980. Information Production, Market Signaling, and the Theory of Financial Intermediation. Journal of Finance, 35, 863-82.\nCarey, M., and Nini, G., 2007. Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle. Journal of Finance, 62, 2969-3007.\nChava, S., and Roberts, M. R., 2008. How Does Financing Impact Investment? The Role of Debt Covenants. Journal of Finance, 63, 2085-2121.\nChow, C. W., and Wong-Boren, A., 1987. Voluntary Financial Disclosure by Mexican Corporations. The Accounting Review, 62, 533-541.\nClarkson, P., Guedes, J., and Thompson, R., 1996. On the Diversification, Observability, and Measurement of Estimation Risk. Journal of Financial and Quantitative Analysis, 31, 69-84.\nColes, J., and Loewenstein, U., 1988. Equilibrium Pricing and Portfolio Composition in the Presence of Uncertain Parameters. Journal of Financial Economics, 22, 279-303.\nCooke, T. E., 1989. Voluntary Disclosure by Swedish Companies, Journal of International Financial Management and Accounting, 1, 1-25.\nCooke, T. E., 1991. An Assessment of Voluntary Disclosure in the Annual Reports of Japanese Corporations. The International Journal of Accounting, 26, 174-189.\nCooke, T. E., 1996. The Influence of the Keiretsu on Japanese Corporate Disclosure. Journal of International Financial Management and Accounting, 7, 191-214.\nCowen, S. S., Ferreri, L. B., and Parker, L. D., 1987. The Impact of Corporate Characteristics on Social Responsibility Disclosure: A Typology and Frequency Based Analysis. Accounting Organizations and Society, 12, 111-122.\nCraswell, A. T., and Taylor, S. L., 1992. Discretionary Disclosure of Reserve by Oil and Gas Companies: An Economic Analysis. Journal of Business Finance and Accounting, 19, 295-308.\nCrawford, V., and Sobel, J., 1982. Strategic Information Transformation. Econometrica, 50, 1431-1451.\nDarrough, M. N., and Stoughton, N. M., 1990. Financial Disclosure Policy in an Entry Game. Journal of Accounting and Economics, 12, 219-243.\nDatta, D. K., Narayanan, V. K. and Pinches, G. E., 1992. Factors Influencing Wealth Creation from Mergers and Acquisitions: A Meta- Analysis. Strategic Management Journal, 13, 67-84.\nDemsetz, H., 1968. The Cost of Transacting. Quarterly Journal of Economics, 82, 33-53.\nDiamond, D. W., 1984. Financial Intermediation and Delegated Monitoring. Review of Economic Studies, 51, 393-414.\nDiamond, D. W., 1985. Optimal Release of Information by Firms. Journal of Finance, 40, 1071-1094.\nDiamond, D. W., and Verrecchia, R. E., 1991. Disclosure, Liquidity and the Cost of Equity Capital. Journal of Finance, 46, 1325-1360.\nFama, E., 1985. What’s Different about Banks? Journal of Monetary Economics, 15, 29-39.\nFeltham, G., and Xie, J., 1992. Voluntary Financial Disclosure in an Entry Game with Continua of Types. Contemporary Accounting Research, 9, 46-80.\nFoster, G. 1986. Financial Statement Analysis. Englewood Cliffs, N.J.:Prentice-Hall.\nGaeremynck A. and Van Peteghem, M., 2014. Costs and Benefits of Disclosure. In Van Mourik, C., and Walton, P. (Eds.), The Routledge Companion to Accounting, Reporting and Regulation: 144-162. London: Routledge.\nGibbins, M., Richardson, A., and Waterhouse, J., 1990. The Management of Corporate Financial Disclosure: Opportunism, Ritualism, Policies, and Process. Journal of Accounting Research, 28, 121-143.\nGigler, F., 1994. Self-enforcing Voluntary Disclosures. Journal of Accounting Research, 32, 224-240.\nGlosten, L., and Milgrom, P., 1985. Bid Ask and Transaction Prices in a Specialist Market with Heterogeneous Informed Traders. Journal of Financial Economics, 14, 71-100.\nGomes, A., Gorton, G., and Madureira, L., 2007. SEC Regulation Fair Disclosure, Information, and Cost of Capital. Journal of Corporate Finance, 13, 300-334.\nHanda, P., and Linn, S., 1993. Arbitrage Pricing with Estimation Risk. Journal of Financial Economics, 28, 81-100.\nHossain, H., Perera, M. H. B., and Rahman A. R., 1995. Voluntary Disclosure in the Annual Reports of New Zealand Companies. Journal of International Financial Management and Accounting, 6, 69-87.\nHughes, P. J., 1986. Signaling by Direct Disclosure under Asymmetric Information. Journal of Accounting and Economics, 8, 119-142.\nIvashina, V., 2009. Asymmetric Information Effects on Loan Spreads, Journal of Financial Economics, 92, 300-319.\nIvashina, V., and Sun, Z., 2011. Institutional Demand Pressure and the Cost of Corporate Loans. Journal of Financial Economics, 100, 284-303.\nJames, C., 1987. Some Evidence on the Uniqueness of Bank Loans, Journal of Financial Economics, 19, 217-236.\nJensen, M. C., and Meckling, W. H., 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305-360.\nLa Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. W., 1998. Law and Finance. Journal of Political Economy, 106, 1113-1155.\nLeftwich, R. W., Watts, R. L., and Zimmerman, J. L., 1981. Voluntary Corporate Disclosure: the Case of Interim Reporting. Journal of Accounting Research, 19, 50-77.\nLi, Y., Saunders, A., and Shao P., 2015. Did Regulation Fair Disclosure Affect Credit Markets? Journal of Banking and Finance, 54, 46-59.\nLougee, B. A., and Marquardt, C. A., 2004. Earnings Informativeness and Strategic Disclosure: An Empirical Examination of “Pro Forma” Earnings. The Accounting Review, 79, 769-795.\nLummer, S. and McConnell, J., 1989, Further Evidence on the Bank Lending Process and the Capital Market Response to Bank Loan Agreements. Journal of Financial Economics, 25, 99-122.\nMaskara, P. K., and Mullineaux, D. J., 2011. Information Asymmetry and Self-Selection Bias in Bank Loan Announcement Studies. Journal of Financial Economics, 101, 684-694.\nMcCahery, J. and Schwienbacher, A., 2010. Bank Reputation in the Private Debt Market, Journal of Corporate Finance, 16, 498-515.\nMc Nally, G., Eng, L., and Hasseldine, R., 1982. Corporate Financial Reporting in New Zealand: An Analysis of User Preferences, Corporate Characteristics, and Disclosure of Discretionary Information. Accounting and Business Research, 12, 11-20.\nMeek, G. K. and Gary, S. J., 1989. Globalization of Stock Markets and Foreign Listing Requirements: Voluntary Disclosure by Continental European Companies Listed on the London Stock Exchange, Journal of International Business Studies, 20, 315-338.\nMeek, G. K., Roberts, C. B., and Gary, S. J., 1995. Factors Influencing Voluntary Annual Report Disclosure by U.S., U.K. and Continental European Multinational Corporations, Journal of International Business Studies, 26,555-572.\nMikkelson, W. and Partch, M., 1986, Valuation Effects of Security Offerings and the Issuance Process. Journal of Financial Economics, 15, 31-60.\nSkinner, D. J., 1994. Why Do Firms Voluntarily Disclose Bad News. Journal of Accounting Research, 32, 38-60.\nSpiegel, M. I. and Tookes, H., 2013. Dynamic Competition, Valuation and Merger Activity. Journal of Finance, 68,125-172.\nSpiegel, M. and Yamori, N., 2003. Determinants of voluntary bank disclosure: evidence from Japanese Shinkin banks, No 03-03, Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco.\nSufi, A., 2007. Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans. Journal of Finance, 62, 629-668.\nVerrecchia, R. E., 1983. Discretionary Disclosure. Journal of Accounting and Economics, 5, 179-194.\nVerrecchia, R. E., 2001. Essays on Disclosure. Journal of Accounting and Economics, 32, 97-180.\nVerrecchia, R. E. and Weber, J., 2006. Redacted Disclosure. Journal of Accounting Research, 44, 791-814.\nWagenhofer, A., 1990. Voluntary Disclosure with a Strategic Opponent. Journal of Accounting and Economics, 12, 341-363.\nWang, I. Y., 2007. Private Earnings Guidance and Its Implications for Disclosure Regulation. The Accounting Review, 82, 1299-1332.\nWatts, R. L., and Zimmerman, J. L., 1986. Positive Accounting Theory. Englewood Cliffs, New-York: Prentice-Hall.\nWu, W. S., Chang, H. H., Suardi, S. and Chang Y., 2013. The Cascade Effect on Lending Conditions: Evidence from the Syndicated Loan Market. Journal of Business Finance and Accounting, 40, 1247-1275.
描述 博士
國立政治大學
財務管理研究所
99357506
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0993575061
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.author (Authors) 魏品揚zh_TW
dc.creator (作者) 魏品揚zh_TW
dc.date (日期) 2016en_US
dc.date.accessioned 22-Aug-2016 10:43:56 (UTC+8)-
dc.date.available 22-Aug-2016 10:43:56 (UTC+8)-
dc.date.issued (上傳時間) 22-Aug-2016 10:43:56 (UTC+8)-
dc.identifier (Other Identifiers) G0993575061en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=113695-
dc.description (描述) 博士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 99357506zh_TW
dc.description.abstract (摘要) 本篇論文可以區分為三個部分，第一部分主要是提供一個衡量每筆聯貸案揭露程度的指標。本文初步實證結果發現聯貸案揭露程度之多寡取決於貸款目的、型態及借款者的國家。此外，本文也發現大部分聯貸案鮮少揭露主、參貸行各自承擔的聯貸份額。第二部分則是使用1986年至2015 年間之聯貸案為樣本探討何種因素會去影響借款者聯貸合約揭露的多寡。本文結果發現借款者的貸款目的、借款者與主貸行之關係、主貸行聲譽、法源、借款者規模、市場競爭程度及法規體制的改變會去影響公司的揭露決策。最後，第三部分則是探討借款者揭露聯貸合約之多寡，是否會影響公司之借貸條件，包含利率、金額、借款期間及財務限制條款。實證結果發現借款者揭露愈多聯貸資訊，可以降低借款利率。zh_TW
dc.description.abstract (摘要) This study investigates issues regarding bank loan disclosures by using syndicated data from 1986 to 2015. Our preliminary results show that most of syndicated loan contracts do not disclose bank allocation (loan shares among banks), and disclosure levels varied among loan purposes, loan type and countries. This implies that loan disclosures have strategic concerns. By constructing new indices of bank loan disclosures, we also investigate why some firms voluntarily disclosure more information about their loan condition. Results show that firms’ risk of loan purpose, bank relationship, lead bank reputation, legal of origin, firms’ size, borrower market competition and regulatory change affect firms’ disclosure policies. We also find that more detailed loan disclosures lead to reduction on cost of bank loans.en_US
dc.description.tableofcontents Chapter I Introduction: Why Disclosure Levels Varied among Syndicated Loan Contracts? 1\n\nChapter II: Overall Loan Contracts Disclosure Levels in Dealscan Database 5\n2.1 Background of Syndicated Loan Contracts 5\n2.2 Data Description 7\n2.3 A New Measure of Syndicated Loan Disclosure 8\n2.4 Empirical Results 11\n\nChapter III: Factors Influencing Borrowers` Overall Loan Contracts Disclosure Levels 35\n3.1 Literature Review 35\n3.2 Data Description 36\n3.3 Testable Hypothesis and Empirical Strategy 37\n3.4 Empirical Results 45\n\nChapter IV: Relationship between Loan Contracts Disclosure Levels and Loan Contract Terms 60\n4.1 Literature Review 60\n4.2 Data Description 61\n4.3 Testable Hypothesis and Empirical Strategy 62\n4.4 Empirical Results 64\n\nChapter V: Summaries and Conclusions 78zh_TW
dc.format.extent 1134558 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0993575061en_US
dc.subject (關鍵詞) 聯合貸款zh_TW
dc.subject (關鍵詞) 自願性揭露zh_TW
dc.subject (關鍵詞) 貸款條件zh_TW
dc.subject (關鍵詞) syndicated loanen_US
dc.subject (關鍵詞) voluntary disclosureen_US
dc.subject (關鍵詞) loan contract termsen_US
dc.title (題名) 聯貸案揭露程度之實證研究zh_TW
dc.title (題名) Why Disclosure Levels Varied among Syndicated Loan Contracts?en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Ali, A., Ronen, J., and Li, S. H., 1994. Discretionary Disclosures in Response to Intra-Industry Information Transfers. Journal of Accounting Auditing and Finance, 9, 265-282.\nAli, A., Klasa, S., and Yeung, P. E., 2014. Industry Concentration and Corporate Disclosure Policy. Journal of Accounting and Economics, 58, 240-264.\nAmihud, Y. and Mendelson, H., 1986. Asset Pricing and the Bid-Ask Spread. Journal of Financial Economics, 17, 223-249.\nBae, K.-H., and Goyal, V. K., 2009. Creditor Rights, Enforcement, and Bank Loans. Journal of Finance, 64, 823-860.\nBamber, L. and Cheon, Y., 1998. Discretionary Management Earnings Forecast Disclosures: Antecedents and Consequences of Forecast Venue and Forecast Specificity Choices. Journal of Accounting Research, 36, 167-190.\nBarry, C., and Brown, S., 1985. Differential Information and Security Market Equilibrium. Journal of Financial and Quantitative Analysis, 20, 407422.\nBelkaoui, A. and Karpik, P. G., 1989. Determinants of the Corporate Decision on Disclose Social Information. Accounting Auditing and Accountability Journal. 2, 36-51.\nBharath, S., Dahiya, S., Saunders, A., and Srinivasan, A., 2011. Lending Relationship and Loan Contract Terms. Review of Financial Studies, 24, 1141-1203.\nBiddle, G. C. and Saudagaran, S. M., 1989. The Effects of Financial Disclosure Levels on Firm’s Choices among Alternative Foreign Stock Exchange Listings, Journal of International Financial Management and Accounting, 1, 57-87.\nBillett, M., Flannery M. and Garfinkel, J., 1995. The Effect of Lender Identify on a Borrowing Firm`s Equity Return. Journal of Finance, 50, 699-718.\nBotosan, C. A., 1997. Disclosure Level and the Cost of Equity Capital, The Accounting Review, 72, 323-349.\nBotosan, C., and Staford, M., 2005. Managers’ Motives to Withhold Segment Disclosures and the Effect of SFAS 131 on Analysts’ Information Environment. The Accounting Review, 80, 751-771.\nBoyd, J. H., and Prescott, E. C., 1986. Financial Intermediary-Coalitions. Journal of Economic Theory, 38, 211-232.\nBradbury, M. E., 1992. Voluntary Disclosure of Financial Segment Data: New Zealand Evidence. Accounting and Finance, 32, 15-26.\nBushman, R. M., and Wittenberg-Moerman, R., 2012. The Role of Bank Reputation in “Certifying” Future Performance Implications of Borrowers’ Accounting Numbers. Journal of Accounting Research, 50, 883-930.\nCampbell, T., and Kracaw, W., 1980. Information Production, Market Signaling, and the Theory of Financial Intermediation. Journal of Finance, 35, 863-82.\nCarey, M., and Nini, G., 2007. Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle. Journal of Finance, 62, 2969-3007.\nChava, S., and Roberts, M. R., 2008. How Does Financing Impact Investment? The Role of Debt Covenants. Journal of Finance, 63, 2085-2121.\nChow, C. W., and Wong-Boren, A., 1987. Voluntary Financial Disclosure by Mexican Corporations. The Accounting Review, 62, 533-541.\nClarkson, P., Guedes, J., and Thompson, R., 1996. On the Diversification, Observability, and Measurement of Estimation Risk. Journal of Financial and Quantitative Analysis, 31, 69-84.\nColes, J., and Loewenstein, U., 1988. Equilibrium Pricing and Portfolio Composition in the Presence of Uncertain Parameters. Journal of Financial Economics, 22, 279-303.\nCooke, T. E., 1989. Voluntary Disclosure by Swedish Companies, Journal of International Financial Management and Accounting, 1, 1-25.\nCooke, T. E., 1991. An Assessment of Voluntary Disclosure in the Annual Reports of Japanese Corporations. The International Journal of Accounting, 26, 174-189.\nCooke, T. E., 1996. The Influence of the Keiretsu on Japanese Corporate Disclosure. Journal of International Financial Management and Accounting, 7, 191-214.\nCowen, S. S., Ferreri, L. B., and Parker, L. D., 1987. The Impact of Corporate Characteristics on Social Responsibility Disclosure: A Typology and Frequency Based Analysis. Accounting Organizations and Society, 12, 111-122.\nCraswell, A. T., and Taylor, S. L., 1992. Discretionary Disclosure of Reserve by Oil and Gas Companies: An Economic Analysis. Journal of Business Finance and Accounting, 19, 295-308.\nCrawford, V., and Sobel, J., 1982. Strategic Information Transformation. Econometrica, 50, 1431-1451.\nDarrough, M. N., and Stoughton, N. M., 1990. Financial Disclosure Policy in an Entry Game. Journal of Accounting and Economics, 12, 219-243.\nDatta, D. K., Narayanan, V. K. and Pinches, G. E., 1992. Factors Influencing Wealth Creation from Mergers and Acquisitions: A Meta- Analysis. Strategic Management Journal, 13, 67-84.\nDemsetz, H., 1968. The Cost of Transacting. Quarterly Journal of Economics, 82, 33-53.\nDiamond, D. W., 1984. Financial Intermediation and Delegated Monitoring. Review of Economic Studies, 51, 393-414.\nDiamond, D. W., 1985. Optimal Release of Information by Firms. Journal of Finance, 40, 1071-1094.\nDiamond, D. W., and Verrecchia, R. E., 1991. Disclosure, Liquidity and the Cost of Equity Capital. Journal of Finance, 46, 1325-1360.\nFama, E., 1985. What’s Different about Banks? Journal of Monetary Economics, 15, 29-39.\nFeltham, G., and Xie, J., 1992. Voluntary Financial Disclosure in an Entry Game with Continua of Types. Contemporary Accounting Research, 9, 46-80.\nFoster, G. 1986. Financial Statement Analysis. Englewood Cliffs, N.J.:Prentice-Hall.\nGaeremynck A. and Van Peteghem, M., 2014. Costs and Benefits of Disclosure. In Van Mourik, C., and Walton, P. (Eds.), The Routledge Companion to Accounting, Reporting and Regulation: 144-162. London: Routledge.\nGibbins, M., Richardson, A., and Waterhouse, J., 1990. The Management of Corporate Financial Disclosure: Opportunism, Ritualism, Policies, and Process. Journal of Accounting Research, 28, 121-143.\nGigler, F., 1994. Self-enforcing Voluntary Disclosures. Journal of Accounting Research, 32, 224-240.\nGlosten, L., and Milgrom, P., 1985. Bid Ask and Transaction Prices in a Specialist Market with Heterogeneous Informed Traders. Journal of Financial Economics, 14, 71-100.\nGomes, A., Gorton, G., and Madureira, L., 2007. SEC Regulation Fair Disclosure, Information, and Cost of Capital. Journal of Corporate Finance, 13, 300-334.\nHanda, P., and Linn, S., 1993. Arbitrage Pricing with Estimation Risk. Journal of Financial Economics, 28, 81-100.\nHossain, H., Perera, M. H. B., and Rahman A. R., 1995. Voluntary Disclosure in the Annual Reports of New Zealand Companies. Journal of International Financial Management and Accounting, 6, 69-87.\nHughes, P. J., 1986. Signaling by Direct Disclosure under Asymmetric Information. Journal of Accounting and Economics, 8, 119-142.\nIvashina, V., 2009. Asymmetric Information Effects on Loan Spreads, Journal of Financial Economics, 92, 300-319.\nIvashina, V., and Sun, Z., 2011. Institutional Demand Pressure and the Cost of Corporate Loans. Journal of Financial Economics, 100, 284-303.\nJames, C., 1987. Some Evidence on the Uniqueness of Bank Loans, Journal of Financial Economics, 19, 217-236.\nJensen, M. C., and Meckling, W. H., 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305-360.\nLa Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. W., 1998. Law and Finance. Journal of Political Economy, 106, 1113-1155.\nLeftwich, R. W., Watts, R. L., and Zimmerman, J. L., 1981. Voluntary Corporate Disclosure: the Case of Interim Reporting. Journal of Accounting Research, 19, 50-77.\nLi, Y., Saunders, A., and Shao P., 2015. Did Regulation Fair Disclosure Affect Credit Markets? Journal of Banking and Finance, 54, 46-59.\nLougee, B. A., and Marquardt, C. A., 2004. Earnings Informativeness and Strategic Disclosure: An Empirical Examination of “Pro Forma” Earnings. The Accounting Review, 79, 769-795.\nLummer, S. and McConnell, J., 1989, Further Evidence on the Bank Lending Process and the Capital Market Response to Bank Loan Agreements. Journal of Financial Economics, 25, 99-122.\nMaskara, P. K., and Mullineaux, D. J., 2011. Information Asymmetry and Self-Selection Bias in Bank Loan Announcement Studies. Journal of Financial Economics, 101, 684-694.\nMcCahery, J. and Schwienbacher, A., 2010. Bank Reputation in the Private Debt Market, Journal of Corporate Finance, 16, 498-515.\nMc Nally, G., Eng, L., and Hasseldine, R., 1982. Corporate Financial Reporting in New Zealand: An Analysis of User Preferences, Corporate Characteristics, and Disclosure of Discretionary Information. Accounting and Business Research, 12, 11-20.\nMeek, G. K. and Gary, S. J., 1989. Globalization of Stock Markets and Foreign Listing Requirements: Voluntary Disclosure by Continental European Companies Listed on the London Stock Exchange, Journal of International Business Studies, 20, 315-338.\nMeek, G. K., Roberts, C. B., and Gary, S. J., 1995. Factors Influencing Voluntary Annual Report Disclosure by U.S., U.K. and Continental European Multinational Corporations, Journal of International Business Studies, 26,555-572.\nMikkelson, W. and Partch, M., 1986, Valuation Effects of Security Offerings and the Issuance Process. Journal of Financial Economics, 15, 31-60.\nSkinner, D. J., 1994. Why Do Firms Voluntarily Disclose Bad News. Journal of Accounting Research, 32, 38-60.\nSpiegel, M. I. and Tookes, H., 2013. Dynamic Competition, Valuation and Merger Activity. Journal of Finance, 68,125-172.\nSpiegel, M. and Yamori, N., 2003. 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