compensation for borrowers' credit risk under absence of arbitrage opportunities and I use these rates as a benchmark to interpret …

' assessments of firms' credit quality and economic worth following loan announcements. Our sample comprises 986 announcements of …

Higher bank credit growth implies that excess returns of bank stocks over the next one year are lower by nearly 3 …%. Credit growth tracks bank stock returns over the business cycle and explains nearly 14% of the variation in bank stock …, the predictive power, as measured by the absolute magnitude of the coefficient on credit growth and the adjusted-R2 at the …

Higher bank credit growth implies that excess returns of bank stocks over the next one year are lower by nearly 3 …%. Credit growth tracks bank stock returns over the business cycle and explains nearly 14% of the variation in bank stock …, the predictive power, as measured by the absolute magnitude of the coefficient on credit growth and the adjusted-R^2 at …