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information frictions. We investigate whether financial statement complexity is associated with firms' reliance on bank financing … and with the terms of bank loans. We focus on two dimensions of complexity that capture the volume and presentation of … information: 10-K length and readability. First, we document that complexity is positively associated with firms' reliance on bank …
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We analyze whether the disaggregation quality (DQ) of a borrower's financial statement is associated with its bank loan … pricing. We find that firms with low DQ have high bank loan spreads and total cost of borrowing. These results are more … information to bank loan lenders …
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In this paper, we document vanilla interest-rate options (caps, floors and swaptions) newly introduced in China. The underlying rates are the RMB loan prime rates (LPRs), the foremost interest rates that matter to almost all businesses and households in China. They are digital with a tick size...
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