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Bank loan announcements and borrower stock returns before and during the recent financial crisis

Li, Chunshuo; Ongena, Steven - 2014 - This Draft: March, 2014

most recent financial crisis. We find that while prior to August 2007 returns were indeed close to zero, afterwards returns … borrowers by banks started to play a lesser role, while during the crisis the banks' role was revitalized. Consistent with this …

Persistent link: https://www.econbiz.de/10010412303

Creditor concentration: an empirical investigation

Ongena, Steven; Tümer-Alkan, Günseli; von … - 2007

Most of the literature addressing multiple banking assumes equal financing shares. However, unequal, concentrated or asymmetric bank borrowing is widespread. This paper investigates the determinants of creditor concentration for German firms using a comprehensive bank-firm level dataset for the...

Persistent link: https://www.econbiz.de/10010295934

Bank loan announcements and borrower stock returns: does bank origin matter?

Ongena, Steven; Roscovan, Viorel - 2009

Banks play a special role as providers of informative signals about the quality and value of their borrowers. Such signals, however, may have a quality of their own as the banks’ selection and monitoring abilities may differ. Using an event study methodology, we study the importance of the...

Persistent link: https://www.econbiz.de/10011605069

When the cat's away the mice will play: does regulation at home affect bank risk taking abroad?

Ongena, Steven; Popov, Alexander; Udell, Gregory F. - 2012

This paper provides the first empirical evidence that bank regulation is associated with cross-border spillover effects through the lending activities of large multinational banks. We analyze business lending by 155 banks to 9613 firms in 1976 different localities across 16 countries. We find...

Persistent link: https://www.econbiz.de/10011605533

Collateral damage? On collateral, corporate financing and performance

Cerqueiro, Geraldo; Ongena, Steven; Roszbach, Kasper - 2016

crisis. …

Persistent link: https://www.econbiz.de/10011605963

Do Demand or Supply Factors Drive Bank Credit, in Good and Crisis Times?

Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - 2017

We analyze the impact of balance-sheet strength on credit availability. Bank balance sheets are weak in crisis times … determines the granting of loan applications only in crisis times, while firm balance-sheet strength – notably leverage … – determines strongly this granting in both good and crisis times. Our findings underscore the importance of the strength of …

Persistent link: https://www.econbiz.de/10012211203

Bank credit and market-based finance for corporations: The effects of minibond issuances

Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2020

We study the effects of the diversification of funding sources on the financing conditions for firms. We exploit a regulatory reform which took place in Italy in 2012, i.e., the introduction of "minibonds", which opened a new market-based funding opportunity for unlisted firms. Using the Italian...

Persistent link: https://www.econbiz.de/10012422170

Banks vs. markets: Are banks more effective in facilitating sustainability?

Newton, David P.; Ongena, Steven; Xie, Ru; Zhao, Binru - 2022

Is bank- versus market-based financing different in its attitudes towards Environmental, Social, and Governance (ESG) risk? Using a novel sample covering 3,783 U.S. public firms from 2007 to 2020, we study how firm-level ESG risk affects its financing outcomes. We find that companies with higher...

Persistent link: https://www.econbiz.de/10013191631

Collateral Damaged? Priority Structure, Credit Supply, and Firm Performance

Cerqueiro, Geraldo; Ongena, Steven; Roszbach, Kasper - 2019

A unique legal reform in 2004 in Sweden redistributed collateral rights from banks holding floating liens to unsecured creditors without changing the value of assets on firms' balance sheets. Using a country-wide panel of all incorporated firms, we document that a zero-sum redistribution of...

Persistent link: https://www.econbiz.de/10012143946

Informal or formal financing? Or both? First evidence on the co-funding of Chinese firms

Degryse, Hans; Lu, Liping; Ongena, Steven - 2013

The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in …

Persistent link: https://www.econbiz.de/10012148700