金成隆教授讲座题目及内容摘要 Does Meeting Analyst Forecasts.docVIP

金成隆教授讲座题目及内容摘要 Does Meeting Analyst Forecasts Matter in Private Loan Market? Abstract: Prior studies find that firms meeting or beating analysts’ earnings forecasts (MBE) have higher equity valuation and lower bond yield spread. In contract to those studies, this paper explores a firm’s MBE effect on its private loan terms, including price and non-price terms. We find that despite the fact that banks possess superior information access and processing abilities that reduce information asymmetry costs for borrowers, they still impose more favorable price (i.e., lower loan spread) and non-price (