English  |  正體中文  |  简体中文  |  Items with full text/Total items : 88295/117812 (75%)
Visitors : 23399677      Online Users : 112
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 > 學位論文 >  Item 140.119/99294
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/99294


    Title: 事前訴訟風險對銀行聯貸特性之影響
    The Effect of Ex-ante Litigation Risk On Syndicated Loan Features
    Authors: 蘇庭葦
    Contributors: 詹凌菁
    蘇庭葦
    Keywords: 事前訴訟風險
    宗教規範
    銀行聯貸
    債務契約
    Ex-ante litigation risk
    Religious social norm
    Syndicated loans
    Debt contracting
    Date: 2016
    Issue Date: 2016-07-20 16:40:19 (UTC+8)
    Abstract: 公司發生訴訟將影響其價值與財務狀況,亦影響未來償債能力。本研究係探討公司的事前訴訟風險(ex-ante litigation risk)是否影響銀行對其之貸款條件,進而探討宗教信仰是否降低銀行對於訴訟風險的敏感度。本研究發現,當公司面臨較高的事前訴訟風險時,銀行將要求較高的貸款利率,同時主貸銀行持有較高貸款比例且參與貸款的銀行數量較少。此外,由於宗教信仰能抑止管理階層的不道德行為及提昇財報品質,故本研究以公司總部所在地之信仰宗教人數比例作為衡量宗教的代理變數。實證結果發現,公司若位於宗教程度較高的地區,能降低事前訴訟風險對於銀行貸款條件的影響,進而獲得較低的貸款利率、較大的貸款金額,並增加參與貸款的銀行數量。
    Lawsuits may deteriorate defendant firms’ financial position and lower their firms’ value. Moreover, it reduces the recovery rate in the event of default. This study examines whether banks price their borrowers’ ex-ante litigation risk in syndicated loan market and further investigates whether the relation between ex-ante litigation risk is conditioned on religiosity. The results suggest that banks tend to price in firms with higher ex-ante litigation risk by charging higher spread, and form more concentrated syndicate. In addition, strong religious social norm is seen as a mechanism to constrain managerial opportunism and improve financial reporting quality. Using the proportion of adherents where firms’ headquarters locate as a proxy for religious adherence, I find that the association between ex-ante litigation risk and syndicated loan features is alleviated. Firms with higher ex-ante litigation risk are associated with lower loan spreads, larger loan amounts and greater number of total lenders if borrowers are headquartered in areas with strong religious social norms.
    Reference: Affleck-Graves, J.,Callahan, C. M., and Chipalkatti, N. (2002). Earnings predictability, information asymmetry, and market liquidity. Journal of Accounting Research, 40(3), 561-583.
    Arena, M., and Julio, B. (2015). The Effects of Securities Class Action Litigation on Corporate Liquidity and Investment Policy. Journal of Financial and Quantitative Analysis, 50(1-2), 251-275.
    Ball, R.,Bushman, R. M., and Vasvari, F. P. (2008). The debt-contracting value of accounting information and loan syndicate structure. Journal of Accounting Research, 46(2), 247-287.
    Beatty, A.,Ramesh, K., and Weber, J. (2002). The importance of accounting changes in debt contracts: the cost of flexibility in covenant calculations. Journal of Accounting & Economics, 33(2), 205-227.
    Bhagat, S.,Bizjak, J., and Coles, J. L. (1998). The shareholder wealth implications of corporate lawsuits. Financial Management, 27(4), 5-+.
    Chan, A. L. C.,Hsieh, Y. T.,Lee, E., and Yueh, M. L. (2015). Does financial statement information affect cross-border lending by foreign banks in the syndicated loan market? Evidence from a natural experiment. Journal of Accounting and Public Policy, 34(5), 520-547.
    Chen, H.,Huang, H. H.,Lobo, G. J., and Wang, C. (2014). Religiosity and the Cost of Debt. Journal of Banking & Finance.
    Crabtree, A. D., and Maher, J. J. (2005). Earnings Predictability, Bond Ratings, and Bond Yields. Review of Quantitative Finance and Accounting, 25(3), 233-253.
    Dahiya, S.,Saunders, A., and Srinivasan, A. (2003). Financial distress and bank lending relationships. Journal of Finance, 58(1), 375-399.
    Dai, Z. L.,Jin, L., and Zhang, W. N. (2014). Executive Pay-Performance Sensitivity and Litigation. Contemporary Accounting Research, 31(1), 152-177.
    Dehejia, R.,DeLeire, T., and Luttmer, E. F. P. (2007). Insuring consumption and happiness through religious organizations. Journal of Public Economics, 91(1–2), 259-279.
    Dennis, S. A., and Mullineaux, D. J. (2000). Syndicated loans. Journal of Financial Intermediation, 9(4), 404-426.
    Dyreng, S. D.,Mayew, W. J., and Williams, C. D. (2012). Religious Social Norms and Corporate Financial Reporting. Journal of Business Finance & Accounting, 39(7-8), 845-875.
    Gande, A., and Lewis, C. M. (2009). Shareholder-Initiated Class Action Lawsuits: Shareholder Wealth Effects and Industry Spillovers. Journal of Financial and Quantitative Analysis, 44(4), 823-850.
    Graham, J. R.,Li, S., and Qiu, J. P. (2008). Corporate misreporting and bank loan contracting. Journal of Financial Economics, 89(1), 44-61.
    Grullon, G.,Kanatas, G., and Weston, J. (2009). Religion and corporate (mis) behavior. Available at SSRN 1472118.
    Hasan, I.,Park, J. C., and Wu, Q. (2012). The Impact of Earnings Predictability on Bank Loan Contracting. Journal of Business Finance & Accounting, 39(7-8), 1068-1101.
    He, W., and Hu, M. (2016). Religion and bank loan terms. Journal of Banking & Finance, 64, 205-215.
    Hilary, G., and Hui, K. W. (2009). Does religion matter in corporate decision making in America? Journal of Financial Economics, 93(3), 455-473.
    Iannaccone, L. R. (1998). Introduction to the economics of religion (vol 36, pg 1494, 1998). Journal of Economic Literature, 36(4), 1941-1941.
    Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of Financial Economics, 92(2), 300-319.
    Kim, I., and Skinner, D. J. (2012). Measuring securities litigation risk. Journal of Accounting & Economics, 53(1-2), 290-310.
    Kim, J.-B.,Tsui, J. S. L., and Yi, C. H. (2011). The voluntary adoption of International Financial Reporting Standards and loan contracting around the world. Review of Accounting Studies, 16(4), 779-811.
    Layman, G. C., and Carmines, E. G. (1997). Cultural conflict in American politics: Religious traditionalism, postmaterialism, and US political behavior. Journal of Politics, 59(3), 751-777.
    Lin, C.,Ma, Y.,Malatesta, P., and Xuan, Y. (2011). Ownership structure and the cost of corporate borrowing. Journal of Financial Economics, 100(1), 1-23.
    Lin, H., and Paravisini, D. (2011). What's bank reputation worth? The effect of fraud on financial contracts and investment. The Effect of Fraud on Financial Contracts and Investment (June 1, 2011).
    Longenecker, J. G.,McKinney, J. A., and Moore, C. W. (2004). Religious intensity, evangelical Christianity, and business ethics: An empinical study. Journal of Business Ethics, 55(4), 373-386.
    Lowry, M., and Shu, S. (2002). Litigation risk and IPO underpricing. Journal of Financial Economics, 65(3), 309-335.
    McGuire, S. T.,Omer, T. C., and Sharp, N. Y. (2012). The Impact of Religion on Financial Reporting Irregularities. Accounting Review, 87(2), 645-673.
    Miller, A. S., and Hoffmann, J. P. (1995). Risk and religion: An explanation of gender differences in religiosity. Journal for the Scientific Study of Religion, 63-75.
    Noussair, C. N.,Trautmann, S. T.,van de Kuilen, G., and Vellekoop, N. (2013). Risk aversion and religion. Journal of Risk and Uncertainty, 47(2), 165-183.
    Osoba, B. J. (2004). Risk, discounting, and religious choice: Evidence from panel data. University of Texas at El Paso Working Paper, 1(3.2).
    Pirinsky, C., and Wang, Q. H. (2006). Does corporate headquarters location matter for stock returns ? Journal of Finance, 61(4), 1991-2015.
    Shariff, A. F., and Norenzayan, A. (2007). God is watching you - Priming god concepts increases prosocial behavior in an anonymous economic game. Psychological Science, 18(9), 803-809.
    Skinner, D. J. (1997). Earnings disclosures and stockholder lawsuits. Journal of Accounting & Economics, 23(3), 249-282.
    Smith Jr, C. W., and Warner, J. B. (1979). On financial contracting: An analysis of bond covenants. Journal of Financial Economics, 7(2), 117-161.
    Strahan, P. E. (1999). Borrower risk and the price and non-price terms of bank loans. FRB of New York staff report(90).
    Sufi, A. (2007). Information asymmetry and financing arrangements: Evidence from syndicated loans. Journal of Finance, 62(2), 629-668.
    Sunstein, C. R. (1996). Social norms and social roles. Columbia law review, 96(4), 903-968.
    Weaver, G. R., and Agle, B. R. (2002). Religiosity and ethical behavior in organizations: A symbolic interactionist perspective. Academy of Management Review, 27(1), 77-97.
    Yuan, Q. B., and Zhang, Y. Y. (2015). Do Banks Price Litigation Risk in Debt Contracting? Evidence from Class Action Lawsuits. Journal of Business Finance & Accounting, 42(9-10), 1310-1340.
    Zahn, G. C. (1970). The Commitment Dimension. Sociological Analysis, 31(4), 203-208.
    Zhang, J. Y. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting & Economics, 45(1), 27-54.
    Description: 碩士
    國立政治大學
    會計學系
    103353006
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103353006
    Data Type: thesis
    Appears in Collections:[會計學系] 學位論文

    Files in This Item:

    There are no files associated with this item.



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


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback