Are Banks Still Special When There Is a Secondary Market for Loans?

• 成果类型: Article
• 署名作者: Gande, Amar; Saunders, Anthony
• 署名单位: Southern Methodist University; New York University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2012.01769.x
• 发表日期: 2012
• 页码: 1649-1684
• 关键词: information; sales; uniqueness

摘要

Secondary market trading in loans elicits a significant positive stock price response by a borrowing firms equity investors. We find the major reason for this response is the alleviation of borrowing firms financial constraints. We also find that new loan announcements are associated with a positive stock price effect even when prior loans made to the same borrower already trade on the secondary market. We conclude that the special role of banks has changed due to their ability to create an active secondary loan market while simultaneously maintaining their traditional role as information producers.