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Externality of Stock Liquidity to the Cost of Borrowing

Francis, Bill - 2016

The paper investigates whether stock liquidity of firms is valued by lending banks revealing that firms with higher … liquidity in the capital market pay lower spreads for the loans they obtain. This relationship is causal as evidenced by using … the decimalization of tick size as an exogenous shock to stock liquidity in a difference-in-differences setting. Reduction …

Persistent link: https://www.econbiz.de/10012979288

Product market relationships and cost of bank loans: evidence from strategic alliances

Fang, Yiwei; Francis, Bill; Hasan, Iftekhar; Wang, Haizhi - Suomen Pankki - 2011

This paper examines the effects of strategic alliances on non-financial firms’ bank loan financing. We construct several measures to capture firms’ alliance activities using the frequency of alliance activities, the prominence of the alliance partner and the relative networking position in...

Persistent link: https://www.econbiz.de/10008867449

Product market relationships and cost of bank loans: Evidence from strategic alliances

Fang, Yiwei; Francis, Bill; Hasan, Iftekhar; Wang, Haizhi - In: Journal of Empirical Finance 19 (2012) 5, pp. 653-674

This paper examines the relation between strategic alliances and non-financial firms’ bank loan financing. We construct several measures to capture firms’ alliance activities. The key finding is that borrowing firms with active alliance involvement experience lower cost of bank loans. The...

Persistent link: https://www.econbiz.de/10010594257

Product Market Relationships and Cost of Bank Loans : Evidence from Strategic Alliances

Fang, Yiwei - 2011

This paper examines the effects of strategic alliances on non-financial firms' bank loan financing. We construct several measures to capture firms' alliance activities using the frequency of alliance activities, the prominence of the alliance partner and the relative networking position in the...

Persistent link: https://www.econbiz.de/10013127601

Firms’ risk endogenous to strategic management choices

Delēs, Manthos D.; Hasan, Iftekhar; Tsionas, Efthymios G. - 2015

Persistent link: https://www.econbiz.de/10011327638

On Modelling IPO Failure Risk

Colak, Gonul; Fu, Mengchuan; Hasan, Iftekhar - 2022

This paper offers a novel framework, combining firm operational risk, IPO pricing risk, and market risk, to model IPO failure risk. By analyzing nearly a thousand variables, we observe that prior IPO failure risk models have suffered from a major missing-variable problem. Evidence reveals...

Persistent link: https://www.econbiz.de/10013296828

Hasan, Iftekhar; Lee, Haekwon; Qiu, Buhui; Saunders, Anthony - 2023

Using lenders becoming members of the Task Force on Climate-Related Financial Disclosures (TCFD) as a plausible exogeneous shock, we examine whether and how lenders’ commitment to transparent climate-related disclosures affects borrower firms’ environmental performance. We find that client...

Persistent link: https://www.econbiz.de/10014355208

Technology adoption and the bank lending channel of monetary policy transmission

Hasan, Iftekhar; Li, Xiang - Leibniz-Institut für Wirtschaftsforschung Halle - 2021

This paper studies whether and how banks‘ technology adoption affects the bank lending channel of monetary policy transmission. We construct a new measurement of bank-level technology adoption, which can tell whether the technology is related to the bank‘s lending business and which specific...

Persistent link: https://www.econbiz.de/10012695677

Executive Equity Risk-Taking Incentives and Firm's Choice of Debt Structure

Chen, Yangyang - 2020

We examine how executive equity risk-taking incentives affect firms' choice of debt structure. Using a longitudinal sample of U.S. firms, we document that when executive compensation is more sensitive to stock volatility (i.e., has higher vega), firms reduce their reliance on bank debt...

Persistent link: https://www.econbiz.de/10012853594

Interconnectedness Among Banks, Financial Stability, and Bank Capital Regulation

Chen, Yehning - 2016

This paper proposes that whether interconnectedness among banks leads to financial instability depends on banks' leverage decisions. It extends the network model in Allen et al. (2012) to study the relationship between interconnectedness and the banks' failure probability. In the model, banks...

Persistent link: https://www.econbiz.de/10012979287

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