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What is Uniqueness of Bank Loans about?
This paper investigates the unique value of bank loans compared to other financing methods, finding that bank loan announcements lead to significant positive abnormal returns for firms, while private placements result in negative returns. The study concludes that banks provide a special service through inside information and monitoring that is not available from other lenders. Additionally, factors such as maturity, default risk, and firm size do not account for the differences in announcement returns, rein
- Author
- lesliecameronmoore
- Language
- EN