Alternative Information Sources and the Information Content of Bank Loans
研究银行贷款协议的信息含量，发现银行会根据分析师盈利预测误差和修正来分配评估资源，当其他信号可靠时减少调查，否则深入调查以获取有价值信息。
This paper examines the information content of bank loan agreements. We differentiate borrowers according to financial analysts' percentage earnings forecast errors and most recent forecast revisions. The empirical results suggest that banks rely on other indicators as initial screening devices to determine where to best deploy their evaluation and monitoring efforts. If these other indicators are reliable and signal-improving prospects, banks do little further investigation. However, if the indicators are noisy and signal-declining prospects, banks have incentives to expend resources to investigate the borrowers, resulting in the production of valuable information.