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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


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    题名: Deregulation of Short Selling Constraints and Cost of Bank Loans: Evidence from a Quasi-natural Experiment
    作者: 周冠男
    Chou, Robin K.
    ShenglanChen
    XiaolingLiu
    YuhuiWu
    贡献者: 財管系
    关键词: Financial market;Deregulation of short-selling constraints;Bank loan market;Quasi-natural experiment
    日期: 2020-12
    上传时间: 2021-06-25 09:49:01 (UTC+8)
    摘要: 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.
    關聯: Pacific Basin Finance Journal, Vol.64, pp.101460
    数据类型: article
    DOI 連結: https://doi.org/10.1016/j.pacfin.2020.101460
    DOI: 10.1016/j.pacfin.2020.101460
    显示于类别:[財務管理學系] 期刊論文

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