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Banks' acquisition of private inform...

Chen, Po-Chang.

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Banks' acquisition of private information about financial misreporting.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Banks' acquisition of private information about financial misreporting./
Author:	Chen, Po-Chang.
Description:	71 p.
Notes:	Source: Dissertation Abstracts International, Volume: 75-01(E), Section: A.
Contained By:	Dissertation Abstracts International75-01A(E).
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3600658
ISBN:	9781303508738

Banks' acquisition of private information about financial misreporting.
Chen, Po-Chang.

Banks' acquisition of private information about financial misreporting. - 71 p.

Source: Dissertation Abstracts International, Volume: 75-01(E), Section: A.

Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2012.

This study investigates whether banks acquire information about the borrowing firms' subsequent financial restatements during the misreporting period, a period in which firms issue misstated financial reports. Finance theory suggests that banks have superior ability in gathering and processing information. In this paper, I test whether banks respond to financial misreporting by their client firms before this malpractice becomes known to the public.

ISBN: 9781303508738Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Banks' acquisition of private information about financial misreporting.
LDR:02336nam a2200301 4500 001 1960799
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008 150210s2012 ||||||||||||||||| ||eng d
020 $a 9781303508738
035 $a (MiAaPQ)AAI3600658
035 $a AAI3600658
040 $a MiAaPQ $c MiAaPQ
100 1 $a Chen, Po-Chang. $3 2096529
245 1 0 $a Banks' acquisition of private information about financial misreporting.
300 $a 71 p.
500 $a Source: Dissertation Abstracts International, Volume: 75-01(E), Section: A.
500 $a Adviser: A. Rashad Abdel-Khalik.
502 $a Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2012.
520 $a This study investigates whether banks acquire information about the borrowing firms' subsequent financial restatements during the misreporting period, a period in which firms issue misstated financial reports. Finance theory suggests that banks have superior ability in gathering and processing information. In this paper, I test whether banks respond to financial misreporting by their client firms before this malpractice becomes known to the public.
520 $a I find that bank loans initiated to restating firms during the misreporting period have significantly higher interest spreads, more restrictive financial covenants, and shorter loan maturities than loans made to non-restating firms. This finding suggests that banks are aware of and responsive to borrowers' ongoing financial misreporting. In contrast, equity holders do not respond differently to earnings announcements of restating firms than to those of non-restating firms. I also do not find an increase in analyst forecast dispersion for restating firms during the misreporting period. In addition, bondholders do not price new bond issues differently for restating and non-restating firms.
520 $a Taken together, these empirical findings suggest that banks possess private information about ongoing financial misreporting by borrowers, which allows them to adapt their decisions more quickly than equity investors, financial analysts, and public debtholders.
590 $a School code: 0090.
650 4 $a Business Administration, Accounting. $3 1020666
650 4 $a Business Administration, Banking. $3 1018458
690 $a 0272
690 $a 0770
710 2 $a University of Illinois at Urbana-Champaign. $b Accountancy. $3 2096530
773 0 $t Dissertation Abstracts International $g 75-01A(E).
790 $a 0090
791 $a Ph.D.
792 $a 2012
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3600658