The month-of-the-year effect in corporate lending

Jérémie Bertrand, Aurore Burietz and Laurent Weill

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Abstract: We investigate the existence of calendar effect in corporate lending decisions. We show that the loan amount granted by banks significantly varies across months. We find a positive effect of quarter-end and year-end months on the loan amount. We attribute these effects to trade loading behavior, according to which banks would inflate granted loans at the end of the quarter and the year to hit financial targets.

Keywords: Calendar effect; Corporate loans; Trade loading (search for similar items in EconPapers)
Date: 2021-03-09
Note: View the original document on HAL open archive server: https://hal.science/hal-03265765
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Published in Finance Research Letters, 2021, pp.102014. ⟨10.1016/j.frl.2021.102014⟩

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Journal Article: The month-of-the-year effect in corporate lending (2021)
Working Paper: The Month-of-the-Year Effect in Corporate Lending (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03265765

DOI: 10.1016/j.frl.2021.102014

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