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題名 Does financial statement information affect cross-border lending by foreign banks in the syndicated loan market? Evidence from a natural experiment
作者 詹凌菁
Chan, Ann Ling-Ching;Hsieh, Yi-Ting;Lee, Edward;Yueh, Meng-Lan
貢獻者 會計系
日期 2015-09
上傳時間 14-三月-2016 16:07:54 (UTC+8)
摘要 We examine whether cross-border lending in the syndicated loan market is affected by an exogenous change in accounting standards comparability through a natural experiment based on the mandatory adoption of International Financial Reporting Standards (IFRS) across Europe. Existing studies on the economic consequences of IFRS in the debt market do not reveal whether the impact is caused by changes in accounting quality or comparability, and this literature has so far produced mixed findings on the effect of IFRS. We show that foreign banks offer IFRS-reporting corporate borrowers a larger loan share, a lower yield spread, and a longer loan maturity only when the banks are themselves domiciled in countries that mandate IFRS. Our findings imply that it was the improvement of financial statement comparability after international accounting harmonization, rather than the enhancement of accounting quality under IFRS, that reduced the information disadvantage for foreign banks and encouraged cross-border lending after mandatory IFRS adoption.
關聯 Journal of Accounting and Public Policy,34(5),520-547
資料類型 article
DOI http://dx.doi.org/10.1016/j.jaccpubpol.2015.05.005
dc.contributor 會計系
dc.creator (作者) 詹凌菁zh_TW
dc.creator (作者) Chan, Ann Ling-Ching;Hsieh, Yi-Ting;Lee, Edward;Yueh, Meng-Lan
dc.date (日期) 2015-09
dc.date.accessioned 14-三月-2016 16:07:54 (UTC+8)-
dc.date.available 14-三月-2016 16:07:54 (UTC+8)-
dc.date.issued (上傳時間) 14-三月-2016 16:07:54 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/82604-
dc.description.abstract (摘要) We examine whether cross-border lending in the syndicated loan market is affected by an exogenous change in accounting standards comparability through a natural experiment based on the mandatory adoption of International Financial Reporting Standards (IFRS) across Europe. Existing studies on the economic consequences of IFRS in the debt market do not reveal whether the impact is caused by changes in accounting quality or comparability, and this literature has so far produced mixed findings on the effect of IFRS. We show that foreign banks offer IFRS-reporting corporate borrowers a larger loan share, a lower yield spread, and a longer loan maturity only when the banks are themselves domiciled in countries that mandate IFRS. Our findings imply that it was the improvement of financial statement comparability after international accounting harmonization, rather than the enhancement of accounting quality under IFRS, that reduced the information disadvantage for foreign banks and encouraged cross-border lending after mandatory IFRS adoption.
dc.format.extent 399123 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Journal of Accounting and Public Policy,34(5),520-547
dc.title (題名) Does financial statement information affect cross-border lending by foreign banks in the syndicated loan market? Evidence from a natural experiment
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1016/j.jaccpubpol.2015.05.005
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.jaccpubpol.2015.05.005