JOURNAL OF EMPIRICAL FINANCE，VOL47 ,JUNE 2018

银行贷款公告和宗教投资者：来自沙特阿拉伯的经验证据

作者：Abdullah Almansour (King Fahd University of Petroleum and Minerals)

Steven Ongena (University of Zurich)

摘要：我们研究保守派穆斯林社会的投资者如何对银行贷款的公告做出反应是否与遵守伊斯兰教法相关。我们手工收集173份向沙特阿拉伯上市公司发放的银行贷款公告，评估其发行情况并估算借款公司股票的反应。我们发现不符合伊斯兰教法的贷款规模较大，并贷给了大公司。控制其他贷款公告研究中普遍存在的公司和贷款特征，我们进一步发现证券市场投资者对不符合规定的贷款公告做出负面反应，较小的非贷款公司对比其他公司，公告前的两日累计超额收益率低1.8个百分点。

关键词：伊斯兰银行贷款,事件研究,沙特阿拉伯

Bank Loan Announcements and Religious Investors: Empirical Evidence from Saudi Arabia

Abdullah Almansour (King Fahd University of Petroleum and Minerals), Steven Ongena (University of Zurich)

ABSTRACT

We study how investors in a conservative Muslim society react to announcements of bank loans depending on their compliance with Shari’a law. We hand-collect 173 announcements of bank loans granted to listed corporations in Saudi Arabia, assess their issuance and estimate the reaction of the borrowing firms’ stocks. We find that loans that are not Shari’a compliant are larger and are granted to larger firms. Controlling for firm and loan characteristics commonly present in other loan announcement studies, we further document that equity market investors react negatively to non-compliant loan announcements with the two-day cumulative abnormal return preceding the announcement up to 1.8 percentage points lower for the smaller non-compliant loans.

Keywords: Islamic Bank Loans, Event Study, Saudi Arabia

原文链接：

https://www.sciencedirect.com/science/article/pii/S092753981830015X#!

翻译：王秭越