Bank Monitoring and Environmental Risk
研究加拿大152家公司的贷款公告效应，发现银行对面临环境责任的公司监控更有效，市场反应更积极，尤其在高污染行业。
Abstract: Loan announcement effects for 152 Canadian companies are examined to investigate the efficiency of monitoring by banks facing lender environmental liability. Market reaction to the announcement of bank debt to ‘environmental’ firms is more positive and significant than for ‘non‐environmental’ firms and, for firms in industries with a higher likelihood of experiencing spill events, is more positive and significant, reinforcing earlier results that establish a relationship between specific loan/borrower characteristics and announcement period excess returns and providing further evidence on the ‘uniqueness’ of bank loans by demonstrating the superior ability of banks to monitor corporate borrowers exposed to environmental liability.