Soft related lending: A tale of two Korean banks

被引：2

作者：

Bonin, John P. ^{[1
]}

Imai, Masami ^{[1
]}

机构：

[1] Wesleyan Univ, Dept Econ, Middletown, CT 06459 USA

来源：

JOURNAL OF BANKING & FINANCE | 2007年 / 31卷 / 06期

关键词：

related lending; Korean banks; privatization; globalization;

D O I：

10.1016/j.jbankfin.2006.11.007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper, we present indirect evidence that the IMFs insistence on foreign control of two large nationwide Korean banks in exchange for short-term support during the 1997 financial crisis helped restrain soft related lending practices. News signaling the likely sale of a bank to a foreign financial institution yields an average daily decrease of about 2% in the stock price of related borrowers. News indicating difficulty in finding an interested foreign investor generates an increase in the stock price of related borrowers of about the same magnitude. These signals have larger impacts on less-profitable, less-liquid, and more bank-dependent firms. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：1713 / 1729

页数：17

共 11 条

[1] The value of durable bank relationships: evidence from Korean banking shocks [J].