English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 92604/122928 (75%)
Visitors : 26842891      Online Users : 632
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 會計學系 > 期刊論文 >  Item 140.119/122166
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/122166

    Title: Does meeting analysts’ forecasts matter in the private loan market?
    Authors: 金成隆;陳美惠;游博翔
    Chin, Chen-Lung;Chen, Mei-Hui;Yu, Po-Hsiang
    Contributors: 會計系
    Keywords: Meeting analysts’ earnings expectations;Loan market;Loan spread;Loan maturity
    Date: 2018-09
    Issue Date: 2019-01-25 11:58:07 (UTC+8)
    Abstract: Prior studies find that firms meeting or beating analysts’ earnings expectations (MBE) have higher equity valuation and lower bond yield spread. In contract to those studies which focus on public financial markets, this paper explores a firm’s MBE effect on its private loan terms, including price and non-price terms. We find that, despite the fact that banks possess superior information access and processing abilities that reduce information asymmetry costs for borrowers, they still impose more favorable price (i.e., lower loan spread) and non-price (longer loan maturity) terms for firms meeting expectations than for firms missing expectations. In addition, we find that the benefits of meeting expectations (i.e. lower loan spread and longer maturity) are more pronounced for financially distressed firms (habitual beaters) than financially sound firms (sporadic beaters). Further analyses document whether and how prospect theory can be used to explain differential loan terms.
    Relation: Journal of Empirical Finance, Volume 48, Pages 321-340
    Data Type: article
    DOI 連結: https://doi.org/10.1016/j.jempfin.2018.07.005
    DOI: 10.1016/j.jempfin.2018.07.005
    Appears in Collections:[會計學系] 期刊論文

    Files in This Item:

    File Description SizeFormat
    321.pdf669KbAdobe PDF159View/Open

    All items in 政大典藏 are protected by copyright, with all rights reserved.

    社群 sharing

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback