Do Banks Price Firms' Data Breaches?
研究发现，发生数据泄露的企业会面临更高的贷款利差、更可能被要求提供抵押品和更多限制性条款，且泄露涉及犯罪或大量记录时影响更大。
ABSTRACT This paper studies the financial consequences of a reported data breach for bank loan terms. Using a staggered difference-in-differences approach with treatment and control samples matched by data breach propensity, we find that firms that have reported data breaches face higher loan spreads and their loans are more likely to require collateral and demand more covenants. The effects are more pronounced when the data breach involves criminal activities or the loss of a large number of records, or when the breached firm belongs to certain industries or has a high IT reputation. Moreover, using the introduction of state mandatory data breach notification laws as an exogenous shock, we find that the negative effect of data breaches on bank loan terms is more significant after these laws took effect. Our evidence also suggests that breached firms that take more remedial actions following the breach incident receive less unfavorable loan terms. JEL Classifications: G10; G12.