Credit ratings and information asymmetry on the Chinese syndicated loan market

Timo Korkeamäki; Salla Pöyry; Maiju Suo

doi:10.1016/j.chieco.2014.08.001

Credit ratings and information asymmetry on the Chinese syndicated loan market

Timo Korkeamäki^*
, Salla Pöyry
, Maiju Suo

^*Tämän työn vastaava kirjoittaja

Ei julkaistu Aalto-yliopiston affiliaatiolla

Hanken School of Economics
Trinity College Dublin

Tutkimustuotos: Lehtiartikkeli › Article › Scientific › vertaisarvioitu

12 Sitaatiot (Scopus)

Abstrakti

We study whether local credit ratings alleviate information asymmetry inherent in the fast growing Chinese market by examining the syndicate structure of loans issued by Chinese borrowers in 2003-2011. Despite the common criticism regarding the quality of Chinese credit ratings, our results suggest that they serve an important role in reducing information asymmetry in the market between corporate insiders and outside borrowers.

Alkuperäiskieli	Englanti
Sivut	1-16
Sivumäärä	16
Julkaisu	China Economic Review
Vuosikerta	31
DOI - pysyväislinkit	https://doi.org/10.1016/j.chieco.2014.08.001
Tila	Julkaistu - 1 tammik. 2014
OKM-julkaisutyyppi	Ei sovellu

YK:n kestävän kehityksen tavoitteet

Tämä tuotos edistää seuraavia kestävän kehityksen tavoitteita:

SDG 17 – Yhteistyö ja kumppanuus

Pääsy asiakirjaan

10.1016/j.chieco.2014.08.001

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Link to publication in Scopus

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@article{3fe41028f3e7422bb97b926fe7d599f3,

title = "Credit ratings and information asymmetry on the Chinese syndicated loan market",

abstract = "We study whether local credit ratings alleviate information asymmetry inherent in the fast growing Chinese market by examining the syndicate structure of loans issued by Chinese borrowers in 2003-2011. Despite the common criticism regarding the quality of Chinese credit ratings, our results suggest that they serve an important role in reducing information asymmetry in the market between corporate insiders and outside borrowers.",

keywords = "China, Credit ratings, G15, G24, Information asymmetry, Syndicated loans",

author = "Timo Korkeam{\"a}ki and Salla P{\"o}yry and Maiju Suo",

year = "2014",

month = jan,

day = "1",

doi = "10.1016/j.chieco.2014.08.001",

language = "English",

volume = "31",

pages = "1--16",

journal = "China Economic Review",

issn = "1043-951X",

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TY - JOUR

T1 - Credit ratings and information asymmetry on the Chinese syndicated loan market

AU - Korkeamäki, Timo

AU - Pöyry, Salla

AU - Suo, Maiju

PY - 2014/1/1

Y1 - 2014/1/1

N2 - We study whether local credit ratings alleviate information asymmetry inherent in the fast growing Chinese market by examining the syndicate structure of loans issued by Chinese borrowers in 2003-2011. Despite the common criticism regarding the quality of Chinese credit ratings, our results suggest that they serve an important role in reducing information asymmetry in the market between corporate insiders and outside borrowers.

AB - We study whether local credit ratings alleviate information asymmetry inherent in the fast growing Chinese market by examining the syndicate structure of loans issued by Chinese borrowers in 2003-2011. Despite the common criticism regarding the quality of Chinese credit ratings, our results suggest that they serve an important role in reducing information asymmetry in the market between corporate insiders and outside borrowers.

KW - China

KW - Credit ratings

KW - G15

KW - G24

KW - Information asymmetry

KW - Syndicated loans

UR - https://www.scopus.com/pages/publications/84906514153

U2 - 10.1016/j.chieco.2014.08.001

DO - 10.1016/j.chieco.2014.08.001

M3 - Article

AN - SCOPUS:84906514153

SN - 1043-951X

VL - 31

SP - 1

EP - 16

JO - China Economic Review

JF - China Economic Review

ER -

Credit ratings and information asymmetry on the Chinese syndicated loan market

Abstrakti

YK:n kestävän kehityksen tavoitteet

Pääsy asiakirjaan

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