Are bank loans still “special” (especially during a crisis)? Empirical evidence from a European country
Christophe Godlewski ()
Working Papers of LaRGE Research Center from Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg
We investigate bank loans’ specialness with a particular focus on the recent boom and bust cycle. We perform an empirical analysis using event study methodology on a sample of 253 large loan announcements for French borrowers between January 2000 and December 2009. We find a significant and negative reaction to bank loan announcements which is mostly driven by loan provided during the crisis period. We also document significant changes in bank behavior over the boom and bust cycle, with important contractual and organizational modifications reflecting a potential “wake-up call” of banks during the crisis.
Keywords: Bank loans; boom and bust; crisis; event study; Europe. (search for similar items in EconPapers)
JEL-codes: G14 G20 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban, nep-eec and nep-eur
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Persistent link: https://EconPapers.repec.org/RePEc:lar:wpaper:2012-03
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