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Loan spreads and unexpected earnings

Yu, Jiewei
http://rave.ohiolink.edu/etdc/view?acc_num=osu1180535745

Abstract Details

2007, Doctor of Philosophy, Ohio State University, Accounting and Management Information Systems.
This study explores whether banks have superior information to financial analysts about borrowers’ future earnings at the financing decision stage. The results suggest that at the loan initiation, banks have incorporated into loan spreads borrowers’ future earnings news, information that is unexpected by analysts. The sensitivity of loan spreads to unexpected earnings varies cross-sectionally and over time in the same direction as the predicted changes in banks’ relative information advantages. Further tests show that the results are robust to alternative measures of unexpected earnings, and are unlikely to be driven by correlated omitted risk factors.
Anne Beatty (Advisor)
Business Administration, Accounting

Recommended Citations

Citations

  • Yu, J. (2007). Loan spreads and unexpected earnings [Doctoral dissertation, Ohio State University]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=osu1180535745

    APA Style (7th edition)

  • Yu, Jiewei. Loan spreads and unexpected earnings. 2007. Ohio State University, Doctoral dissertation. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=osu1180535745.

    MLA Style (8th edition)

  • Yu, Jiewei. "Loan spreads and unexpected earnings." Doctoral dissertation, Ohio State University, 2007. http://rave.ohiolink.edu/etdc/view?acc_num=osu1180535745

    Chicago Manual of Style (17th edition)

osu1180535745
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© 2007, all rights reserved.
This open access ETD is published by The Ohio State University and OhioLINK.