From: Bank loan information and information asymmetry in the stock market: evidence from China
Variables | PIN | |||
---|---|---|---|---|
1 | 2 | 3 | ||
Panel A: Relation between PIN and corporate transparency by adding intangible asset ratio | ||||
Intercept | 0.3125*** | 0.3131*** | 0.3137*** | |
(11.33) | (11.36) | (11.38) | ||
Loan | − 0.0029* |  |  | |
(− 1.65) |  |  | ||
Loan size |  | − 0.0023** |  | |
 | (− 2.26) |  | ||
Tbank |  |  | − 0.0031* | |
 |  | (− 1.86) | ||
INTAN | 0.0306 | 0.0320 | 0.0317 | |
(1.28) | (1.33) | (1.32) | ||
Year \(\times\) industry-fixed effect | Yes | Yes | Yes | |
Firm-fixed effect | Yes | Yes | Yes | |
Adjusted \(R^2\) | 0.0800 | 0.0801 | 0.0801 | |
Obs. | 43,088 | 43,088 | 43,088 |
Variables | PIN | |||
---|---|---|---|---|
1 | 2 | 3 | 4 | |
Panel B: Relation between PIN and overdue loans by adding intangible asset ratio | ||||
Intercept | 0.3820*** | 0.3802*** | 0.3790*** | 0.3820*** |
(10.61) | (10.56) | (10.50) | (10.61) | |
OL | 0.0116*** | Â | Â | Â |
(2.59) | Â | Â | Â | |
OL rate | Â | 0.0318*** | Â | Â |
 | (3.12) |  |  | |
OL Tbank | Â | Â | 0.0254** | Â |
 |  | (2.51) |  | |
OL Nbank | Â | Â | Â | 0.0116*** |
 |  |  | (2.59) | |
INTAN | 0.0452 | 0.0426 | 0.0473 | 0.0452 |
(1.28) | (1.20) | (1.35) | (1.28) | |
Year \(\times\) industry-fixed effect | Yes | Yes | Yes | Yes |
Firm-fixed effect | Yes | Yes | Yes | Yes |
Adjusted \(R^2\) | 0.0695 | 0.0696 | 0.0696 | 0.0695 |
Obs. | 26,625 | 26,625 | 26,625 | 26,625 |