Abstract
This paper reviews the evidence on whether banks obtain inside information about borrowers and reports event study results on announcements concerning syndicated loans for quoted UK companies. Previous evidence on the response to loan announcements is from the USA and inclusion of announcements during and after syndication expands the range of loan-related news items. There is little response to loan announcements in the UK, even for small quoted companies, which differs in part from the US evidence and provides little support for the view that banks obtain inside information about quoted companies they lend to.
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