Lenders’ Response to Peer and Customer Restatements
研究发现，当借款人的主要客户或同行企业发布财务重述时，银行会提高该借款人的贷款利率，平均提高11个基点；若借款人转换成本高，客户重述的影响更大（45个基点）。同行重述的影响与严重程度无关，且当重述同行也在银行的投资组合中时，利率对同行重述更敏感。
Abstract We investigate whether restatements announced by economically related firms influence the contract terms a borrower receives from lenders. A restatement by a major customer firm increases the loan spread of a borrower by 11 basis points, on average. The contagion effects of customer restatements are higher (45 basis points) when a borrower's switching costs are high. Restatements by peer firms in the same industry also increase a borrower's loan spread, and this increase occurs regardless of restatement severity. Moreover, the sensitivity of loan spread to peer restatements is significantly greater when the restating peer firms are also in the bank's lending portfolio, suggesting that a lender's personal experience with restatements in an industry makes it more attuned to the potential implications of these restatements for the borrowing firm. Finally, our results suggest that lenders utilize information from peer restatements to anticipate future restatements by the borrowing firm.