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Stock price fragility and the cost of bank loans
Journal of Empirical Finance ( IF 3.025 ) Pub Date : 2021-06-15 , DOI: 10.1016/j.jempfin.2021.06.001
Bill Francis , Iftekhar Hasan , Yinjie (Victor) Shen , Pengfei Ye

This study examines whether the flow volatility experienced by institutional investors affects firms’ financing costs. Using Greenwood and Thesmar’s (2011) stock price fragility measure, we find that there is a positive relationship between fragility and firms’ costs of bank loans. This effect is most pronounced when lenders rely more on institutional shareholders to discipline corporate management, or when loans are made by relationship lenders, suggesting that unstable flows could weaken institutional investors’ monitoring effectiveness and strengthen relationship banks’ bargaining power.



中文翻译:

股价脆弱性与银行贷款成本

本研究考察了机构投资者所经历的流量波动是否会影响企业的融资成本。使用 Greenwood 和 Thesmar (2011) 的股票价格脆弱性度量,我们发现脆弱性与公司银行贷款成本之间存在正相关关系。当贷方更多地依赖机构股东来约束公司管理,或者当贷款由关系贷方提供时,这种影响最为明显,这表明不稳定的流动可能会削弱机构投资者的监控有效性并增强关系银行的议价能力。

更新日期:2021-06-25
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