政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/151138

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政大機構典藏 > 商學院 > 會計學系 > 期刊論文 > Item 140.119/151138

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/151138

Title:	Information environment and participation of foreign banks in U.S. syndicated loan market
Authors:	詹凌菁;岳夢蘭 Chan, Ann Ling-Ching;Hsieh, Yi-Ting;Lee, Edward;Yueh, Meng-Lan
Contributors:	會計系;財管系
Keywords:	Sarbanes-Oxley Act;Foreign lending;Syndicated loan;Contract terms;Information asymmetry
Date:	2024-04
Issue Date:	2024-05-08 10:48:27 (UTC+8)
Abstract:	This study examines how financial information quality affects the participation and lending behavior of foreign banks in the loan syndicate of U.S borrowers. We utilize the implementation of the Sarbanes-Oxley Act (SOX) in the U.S. as our research setting. We demonstrate a significant increase in foreign banks loan shares to public firms in the post-SOX period. In parallel, we find that this increase in lending by foreign banks is accompanied by more favorable price and non-price contract terms. By contrast, we find no evidence of either more loans or more favorable loan contract terms offered to U.S. privately held borrowers by foreign banks. Further analysis shows that the impact of such an exogenous change on loan contract terms are more pronounced among public listed borrowers with higher ex ante information asymmetry. Overall, our findings imply that the increase in quality and reliability of corporate financial information brought about by SOX reduces the information disadvantage of foreign lenders.
Relation:	Journal of Banking and Finance, Vol.161, 107107
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.jbankfin.2024.107107
DOI:	10.1016/j.jbankfin.2024.107107
Appears in Collections:	[會計學系] 期刊論文 [財務管理學系] 期刊論文

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