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    An empirical analysis of the effects of market response to bank loan announcements in Hong Kong stock market

    Qing, C.; Gan, C.; Li, Zhaohua
    Abstract
    This research extends the study of Boscaljon and Ho and test the effect of market response to bank loan announcement in the Hong Kong banking market after the 1997 Asian crisis. The study also investigates whether bank is still special in the financial market by comparing the market response to bank loan announcement and non-bank loan announcement. Finally, the study examines how loan characteristics influence the market response to bank loan announcement. The main findings of our study are consistent with the previous results documented for the US, Canada and Hong Kong markets, and further confirm the uniqueness of banks in the financial market. Moreover, we find that market response is significant positively related to borrower's debt ratio, and there is also a strong evidence of information leakage problem for non-bank loan announcements in the Hong Kong stock market.... [Show full abstract]
    Keywords
    bank loan announcements; abnormal returns; event studies; information assymmetry
    Fields of Research
    1502 Banking, Finance and Investment; 1801 Law
    Date
    2011-06
    Type
    Journal Article
    Collections
    • Department of Financial and Business Systems [509]
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    JBR_Bank_Loan_Annoucement_paper.pdf
    DOI
    https://doi.org/10.1057/jbr.2011.6
    Metadata
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    Copyright © 2011 Palgrave Macmillan
    Citation
    Chen, Q., Gan, C., & Li, Z. (2011). An empirical analysis of the effects of market response to bank loan announcements in Hong Kong Stock Market. Journal of Banking Regulation, 12, 210–226. doi:10.1057/jbr.2011.6
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