The Effect of Lender Identity on a Borrowing Firm's Equity Return
研究贷款方身份（银行与非银行、信用评级高低）如何影响市场对贷款公告的反应，发现高信用评级贷款方带来更大的异常收益，对投资者评估公司价值有参考意义。
ABSTRACT Previous research demonstrates that a firm's common stock price tends to fall when it issues new public securities. By contrast, commercial bank loans elicit significantly positive borrower returns. This article investigates whether the lender's identity influences the market's reaction to a loan announcement. Although we find no significant difference between the market's response to bank and nonbank loans, we do find that lenders with a higher credit rating are associated with larger abnormal borrower returns. This evidence complements earlier findings that an auditor's or investment banker's perceived “quality” signals valuable information about firm value to uninformed market investors.