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日期：2008-4-9 来源：本站原创 点击数：
The Voluntary Adoption of International Accounting Standards and Loan Contracting around the World
演讲人：Jeong-Bon Kim
主持人：李焰
时间：4月11日上午10：30-11：30
地点：明德商学楼0407
演讲人简介：Associate dean of Hong Kong Polytechnic University
Abstract：
Using a sample of non-US borrowers from 30 countries over the 1997-2005 period, this paper investigates the effect of the voluntary adoption of InternationalAccounting Standards (IAS) on the price and non-price terms of bank loan contracts and the mix of domestic vs. foreign lenders who participate in loan deals. Our results reveal the following. First, we find that lenders charge significantly lower loan rates to IAS adopters than they do to non-adopters. The rate difference between the two groups amounts to nearly 25 basis points. Second, we find that lenders impose more favorable or less restrictive non-price terms on IAS adopters than they do on non-adopters. In particular, our results show that IAS adopters have a larger amount of loan facility, and are less likely to have restrictive covenants in their loan contracts, compared with nonadopters.
Finally, we find that voluntary IAS adoption by borrowers attracts more suppliers of loans, and this increase in the number of lenders is due to IAS adopters attracting more foreign lenders from the international loan market. In conclusion, our results, taken as a whole, support the view that voluntary IAS adoption improves the loan contracting efficiency by enabling lenders to assess borrowers’ credit quality more accurately and improving lenders’ familiarity with borrowers in the international loan market.
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