The Effects of Announcements of Bank Lending Agreements on the Market Values of U.S. Banks
研究银行授信协议公告如何影响美国银行控股公司的市场价值，利用银行在评估风险贷款方面的专业优势及其信号作用，分析此类公告对银行自身价值的影响。
Banks, by their very nature, specialize in evaluating risky lending situations, and their decisions to grant loans are signals to other providers of capital about the borrowers' financial strength. These other providers can evaluate these signals and can lower their own information generation costs about the borrowers by performing less costly evaluations. They can then provide their services at lower costs. Corporate and other borrowers, by signaling their credit-worthiness through bank borrowing, can lower their credit costs. Surprisingly, there is little evidence to indicate the effects of bank lending agreements on the market values of U.S. bank-holding companies (USBHCs).