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 new loans | ||||
Intercept | 0.4131*** | 0.3141*** | 0.3136*** | |
(14.71) | (11.38) | (11.36) | ||
New loan | \(-\)Â 0.0031** | Â | Â | |
(\(-\)Â 2.26) | Â | Â | ||
New loan size | Â | \(-\)Â 0.0050* | Â | |
 | (\(-\) 1.75) |  | ||
New Tbank | Â | Â | \(-\)Â 0.0013 | |
 |  | (\(-\) 0.85) | ||
Controls | Yes | Yes | Yes | |
Year \(\times\) industry-fixed effect | Yes | Yes | Yes | |
Firm-fixed effect | Yes | Yes | Yes | |
Adjusted \(R^2\) | 0.0600 | 0.0791 | 0.0791 | |
Obs. | 43,525 | 43,525 | 43,525 |
Variables | PIN | |||
---|---|---|---|---|
1 | 2 | 3 | 4 | |
Panel B: Relation between PIN and new overdue loans | ||||
Loan information (LI) | OL | OL rate | OL Tbank | OL Nbank |
Intercept | 0.4200*** | 0.4171*** | 0.4181*** | 0.4197*** |
(10.64) | (10.58) | (10.61) | (10.62) | |
New LI | 0.0019 | 0.0287 | 0.0168 | 0.0022 |
(0.33) | (1.03) | (1.16) | (0.48) | |
New LI t-1 | 0.0032 | 0.0420 | 0.0221 | 0.0041 |
(0.44) | (1.63) | (1.16) | (0.73) | |
New LI t-2 | \(-\)Â 0.0064 | \(-\)Â 0.0212 | \(-\)Â 0.0081 | \(-\)Â 0.0082** |
(\(-\)Â 1.30) | (\(-\)Â 0.98) | (\(-\)Â 0.93) | (\(-\)Â 2.00) | |
New LI t-3 | \(-\)Â 0.0132*** | \(-\)Â 0.0129 | \(-\)Â 0.0219*** | \(-\)Â 0.0094** |
(\(-\)Â 2.79) | (\(-\)Â 0.67) | (\(-\)Â 2.64) | (\(-\)Â 2.08) | |
Controls | Yes | Yes | Yes | Yes |
Year \(\times\) industry-fixed effect | Yes | Yes | Yes | Yes |
Firm-fixed effect | Yes | Yes | Yes | Yes |
Adjusted \(R^2\) | 0.0687 | 0.0686 | 0.0687 | 0.0687 |
Obs. | 26,022 | 26,022 | 26,022 | 26,022 |