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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/135870

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/135870

Title:	Deregulation of Short Selling Constraints and Cost of Bank Loans: Evidence from a Quasi-natural Experiment
Authors:	周冠男 Chou, Robin K. ShenglanChen XiaolingLiu YuhuiWu
Contributors:	財管系
Keywords:	Financial market;Deregulation of short-selling constraints;Bank loan market;Quasi-natural experiment
Date:	2020-12
Issue Date:	2021-06-25 09:49:01 (UTC+8)
Abstract:	Investors can sell short on designated stocks on China stock market since March 2010 when the CSRC relieved the short-selling constraints, which provides a quasi-natural experiment to examine how short selling affects the bank loan contracts. Using the 13,755 bank loan contracts from Chinese listed firms during 2007–2014, our results show that bank loan spreads decline significantly for treated firms compared to control firms after removing the short-selling constraints. Further, we find that the results are driven mainly by firms far from bank geographically, firms haven`t relationship with bank in the prior 3 years, and firms with high default risk. Our findings provide further insight into the relationship between stock market and debt market, and are helpful to understand economic effect of short selling on the decision-making of other market participants.
Relation:	Pacific Basin Finance Journal, Vol.64, pp.101460
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.pacfin.2020.101460
DOI:	10.1016/j.pacfin.2020.101460
Appears in Collections:	[財務管理學系] 期刊論文

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