TY  - UNPD
A1  - He, Qing
A1  - Lu, Liping
A1  - Ongena, Steven
T1  - Who gains from credit granted between firms? Evidence from inter-corporate loan announcements made in China
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 529
N2  - Who gains from inter-corporate credit? To answer this question we measure the impact of the announcements of inter-corporate loans in China on the stock prices of the firms involved. We find that the average abnormal return for the issuers of inter-corporate loans is significantly negative, whereas it is positive for the receivers. Issuing firms may be perceived by investors to have run out of worthwhile projects to finance, while receiving firms are being certified as creditworthy. Subsequent firm performance and investment confirms these valuations as overall accurate.
T3  - CFS working paper series - 529 
KW  - entrusted loan
KW  - inter-corporate loan
KW  - credit misallocation
KW  - certification
Y1  - 2016
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/39576
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-395767
IS  - This Draft: February, 2016
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -