The Availability of the Information in Debt Contracts and the Stock Returns:Evidence from A-Share Listed Companies
研究了上市公司债务合同信息对未来财务表现的预测能力，发现该信息可产生超额收益，且政府干预不削弱其有用性，但投资者尚未充分理解。
As the biggest financial intermediation in China,commercial banks play an important role in resources allocation.In this study,the authors investigate the usefulness of information in debt contracts disclosed by listed companies,and find that debt contracts information can predict companies' future financial performance. Also,the paper finds that government intervention does not impair the usefulness of information in debt contracts.Thus the paper proposes a trading strategy that can generate significant abnormal return.Finally,the paper concludes that the investors in China's securities market are not yet to fully understand the information in debt contracts.