This paper examines the reporting in the financial press of 1,027 bank agreements established between January 2004 and May 2007. Overall, the frequency of loan reporting in the press increased to over 30%. Reported loans still have longer maturities than non-reported ones, and reported firm...

Virtually all publicly traded firms borrow from banks. However, despite their widespread use, numerous studies document a positive significant share price reaction associated to the reporting of bank loan agreements in the financial press. In order to address this phenomenon, the frequency and...