tailieunhanh - Bank Loan announcements and Borrower stock returns does Bank origin matter?

Following this persistent pattern of beliefs, there is a considerable literature in psychology and medicine that investigates for a moon effect on human behavior. Some of these studies find significant relations, for example individual studies find that homicides, hospital admissions, and crisis incidents peak in the days around the full moon. However, reviews and meta-analyses of the literature have generally been negative. Rotton and Kelley (1985) examines and aggregates the evidence of 37 studies, and concludes that lunar phase influences are “much ado about nothing.”. | EUROPEAN CENTRAL BANK EUROSYSTEM ECB LAMFALUSSY FELLOWSHIP PROGRAMME WORKING PAPER SERIES NO 1023 I MARCH 2009 BANK LOAN ANNOUNCEMENTS AND BORROWER STOCK RETURNS DOES BANK ORIGIN MATTER By Steven Ongena and Viorel Roscovan EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1023 I MARCH 2009 ECB LAMFALUSSY FELLOWSHIP PROGRAMME BANK LOAN ANNOUNCEMENTS AND BORROWER STOCK RETURNS DOES BANK ORIGIN MATTER 1 By Steven Ongena 2 and Viorel Roscovan 3 In 2009 all ECB publications feature a motif taken from the 200 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1337488. Ì We are grateful to Abe de Jong Don Fraser Philipp Hartman James Kolari Fabiana Penas Sorin Sorescu Bas Werker and Lucy White for helpful comments and suggestions. The paper was partly completed while Roscovan was visiting the Department of Finance at the Mays Business School of Texas A M University whose hospitality is gratefully acknowledged. This paper has been prepared by the authors under the Lamfalussy Fellowship Program sponsored by the European Central Bank. Any views expressed are only those of the authors and do not necessarily represent the views of the ECB or the Eurosystem. 2 CentER - Tilburg University and CEPR Department of Finance PO Box 90153 NL 5000 LE Tilburg The Netherlands e-mail 3 Corresponding author RSM - Erasmus University Department of Finance PO Box 1738 NL 3062 PA Rotterdam The Netherlands e-mail vroscovan@ Lamfalussy Fellowships This paper has been produced under the ECB Lamfalussy Fellowship programme. This programme was launched in 2003 in the context of the ECB-CFS Research Network on Capital Markets and Financial Integration in Europe . It aims at stimulating high-quality research on the structure integration and performance of the European financial system. The Fellowship programme is named after Baron Alexandre .

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