Financial Distress and Bank Lending Relationships
利用银行贷款数据，研究借款人陷入财务困境时对牵头贷款银行股东财富的影响，发现借款人违约或破产公告会导致银行股价显著下跌，且关系越密切损失越大。
We use a unique data set of bank loans to examine the wealth effects on lead lending banks when their borrowers suffer financial distress. We find a significant negative announcement return for the lead lending bank when a major corporate borrower announces default or bankruptcy. Banks with higher exposure to the distressed firm have larger negative announcement‐period returns. The existence of a past lending relationship with the distressed firm results in larger wealth declines for the bank shareholders. Finally, financial distress also has a significant negative effect on borrower's returns.