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The effect of abnormal institutional attention on bank loans

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  • Huang, Yin-Siang
  • Bui, Dien Giau
  • Lin, Chih-Yung
  • Robin,

Abstract

We investigate whether abnormal institutional attention (AIA, measured following Ben-Rephael, Da, and Israelsen, 2017) influences bank loans. First, we find that AIA is positively related to borrowers’ cumulative abnormal returns around loan announcements. Second, banks charge a significantly lower loan spread, require less collateral, and approve larger loans for borrowers with higher AIA. Third, the effect of AIA becomes stronger when borrowers have high information asymmetry and weak market competition. Overall, our findings support the idea that banks consider AIA information when making lending decisions.

Suggested Citation

  • Huang, Yin-Siang & Bui, Dien Giau & Lin, Chih-Yung & Robin,, 2022. "The effect of abnormal institutional attention on bank loans," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 76(C).
    • Handle: RePEc:eee:intfin:v:76:y:2022:i:c:s1042443121001669
    DOI: 10.1016/j.intfin.2021.101458
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    More about this item

    Keywords

    Institutional attention; Bank loan contracts; Financing cost; Loan announcements; Cumulative abnormal returns;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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