Information content of bank loan announcements to Asian corporations during periods of economic uncertainty
In this study, changes in the borrower–lender relationship prior to and after the Asian crisis are examined. We find the lender quality is the most important determinant of the information content of bank loan announcements, as evidenced by differences in the banking systems of Hong Kong, Korea, Thailand and Taiwan. In addition, the results suggest that the commercial banking relationship is increasingly important in times of economic uncertainty.