Are Banks Still Special When There Is a Secondary Market for Loans?
研究发现贷款二级市场交易会引发借款企业股价显著上涨，主要原因是缓解了企业的融资约束；即使已有贷款在二级市场交易，新贷款公告仍能带来正面股价效应，表明银行在创造活跃二级市场的同时仍保持信息生产者的传统角色。
ABSTRACT Secondary market trading in loans elicits a significant positive stock price response by a borrowing firm's 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.