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The Month-of-the-Year Effect in Corporate Lending


  • Jérémie BERTRAND

    (IESEG School of Management)

  • Aurore BURIETZ

    (IESEG School of Management & LEM-CNRS 9221)

  • Laurent WEILL

    (EM Strasbourg Business School, University of Strasbourg)


We investigate the existence of calendar effect in corporate lending decisions. We show that the loan amount granted by banks significantly varies across months. We find a positive effect of quarter-end and year-end months on the loan amount. We attribute these effects to trade loading behavior, according to which banks would inflate granted loans at the end of the quarter and the year to hit financial targets

Suggested Citation

  • Jérémie BERTRAND & Aurore BURIETZ & Laurent WEILL, 2020. "The Month-of-the-Year Effect in Corporate Lending," Working Papers 2020-ACF-05, IESEG School of Management.
  • Handle: RePEc:ies:wpaper:f202005

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    References listed on IDEAS

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    More about this item


    calendar effect; corporate loans; trade loading.;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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