Credit ratings and information asymmetry on the Chinese syndicated loan market |
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| Institution: | 1. Department of Finance and Statistics, Hanken School of Economics, P.O. BOX 479, 00101 Helsinki, Finland;2. Trinity College Dublin, College Green, Dublin 2, Ireland;1. School of Economics and Management, Wenzhou University of Technology, China;2. School of Computing and Information Systems, Singapore Management University, Singapore;3. Business School, Shantou University, Shantou, China;1. Northwestern University, Kellogg School of Management, 2211 Campus Drive, Evanston, IL 60208, USA;2. London School of Economics, Houghton St, London WC2A 2AE, United Kingdom;3. University of Chicago, Booth School of Business, 5807 S Woodlawn Ave, Chicago, IL 60637, USA;4. National Bureau of Economic Research, 1050 Massachusetts Avenue, Cambridge, MA 02138, USA |
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| 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. |
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