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題名 Information environment and participation of foreign banks in U.S. syndicated loan market
作者 詹凌菁; 岳夢蘭
Chan, Ann Ling-Ching;Hsieh, Yi-Ting;Lee, Edward;Yueh, Meng-Lan
貢獻者 會計系; 財管系
關鍵詞 Sarbanes-Oxley Act; Foreign lending; Syndicated loan; Contract terms; Information asymmetry
日期 2024-04
上傳時間 8-May-2024 10:48:27 (UTC+8)
摘要 This study examines how financial information quality affects the participation and lending behavior of foreign banks in the loan syndicate of U.S borrowers. We utilize the implementation of the Sarbanes-Oxley Act (SOX) in the U.S. as our research setting. We demonstrate a significant increase in foreign banks loan shares to public firms in the post-SOX period. In parallel, we find that this increase in lending by foreign banks is accompanied by more favorable price and non-price contract terms. By contrast, we find no evidence of either more loans or more favorable loan contract terms offered to U.S. privately held borrowers by foreign banks. Further analysis shows that the impact of such an exogenous change on loan contract terms are more pronounced among public listed borrowers with higher ex ante information asymmetry. Overall, our findings imply that the increase in quality and reliability of corporate financial information brought about by SOX reduces the information disadvantage of foreign lenders.
關聯 Journal of Banking and Finance, Vol.161, 107107
資料類型 article
DOI https://doi.org/10.1016/j.jbankfin.2024.107107
dc.contributor 會計系; 財管系-
dc.creator (作者) 詹凌菁; 岳夢蘭-
dc.creator (作者) Chan, Ann Ling-Ching;Hsieh, Yi-Ting;Lee, Edward;Yueh, Meng-Lan-
dc.date (日期) 2024-04-
dc.date.accessioned 8-May-2024 10:48:27 (UTC+8)-
dc.date.available 8-May-2024 10:48:27 (UTC+8)-
dc.date.issued (上傳時間) 8-May-2024 10:48:27 (UTC+8)-
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/151138-
dc.description.abstract (摘要) This study examines how financial information quality affects the participation and lending behavior of foreign banks in the loan syndicate of U.S borrowers. We utilize the implementation of the Sarbanes-Oxley Act (SOX) in the U.S. as our research setting. We demonstrate a significant increase in foreign banks loan shares to public firms in the post-SOX period. In parallel, we find that this increase in lending by foreign banks is accompanied by more favorable price and non-price contract terms. By contrast, we find no evidence of either more loans or more favorable loan contract terms offered to U.S. privately held borrowers by foreign banks. Further analysis shows that the impact of such an exogenous change on loan contract terms are more pronounced among public listed borrowers with higher ex ante information asymmetry. Overall, our findings imply that the increase in quality and reliability of corporate financial information brought about by SOX reduces the information disadvantage of foreign lenders.-
dc.format.extent 110 bytes-
dc.format.mimetype text/html-
dc.relation (關聯) Journal of Banking and Finance, Vol.161, 107107-
dc.subject (關鍵詞) Sarbanes-Oxley Act; Foreign lending; Syndicated loan; Contract terms; Information asymmetry-
dc.title (題名) Information environment and participation of foreign banks in U.S. syndicated loan market-
dc.type (資料類型) article-
dc.identifier.doi (DOI) 10.1016/j.jbankfin.2024.107107-
dc.doi.uri (DOI) https://doi.org/10.1016/j.jbankfin.2024.107107-