We have benefited from the comments of Ray Ball, Ryan Ball, Philip Berger, Douglas Diamond, Andrei Kovrijnykh, Jeff Ng, Jeffrey Russell, Robert Sanchez, Doug Skinner, Dan Susik, Chris Williams, Gregory Udell (Discussant) and participants at the 45th Conference on Bank Structure and Competition, Emanual Zur (Discussant) and the participants at the 8th London Business School Accounting Symposium, and seminar participants at Boston University, Southern Methodist University, the University of Chicago, the University of Houston, the University of Michigan, the University of Technology at Sydney, and the University of Toronto. We are grateful to Marty Butler, Arthur Kraft, and Ira Weiss for sharing their program for computing intraperiod timeliness. We thank Eugene Soltes for media data, Greg Nini, David Smith, and Amir Sufi for covenant violations data and the Loan Pricing Corporation for loan data. We thank Fei Chen and Eugene Soltes for their excellent research assistance. We gratefully acknowledge the financial support of the Kenan-Flagler Business School; the University of North Carolina at Chapel Hill; the University of Chicago Booth School of Business; and the Wharton School, University of Pennsylvania. Part of the work on this article was completed while Regina Wittenberg-Moerman was on the faculty at the Wharton School, University of Pennsylvania.
Price Discovery and Dissemination of Private Information by Loan Syndicate Participants
Article first published online: 19 AUG 2010
©, University of Chicago on behalf of the Accounting Research Center, 2010
Journal of Accounting Research
Volume 48, Issue 5, pages 921–972, December 2010
How to Cite
BUSHMAN, R. M., SMITH, A. J. and WITTENBERG-MOERMAN, R. (2010), Price Discovery and Dissemination of Private Information by Loan Syndicate Participants. Journal of Accounting Research, 48: 921–972. doi: 10.1111/j.1475-679X.2010.00384.x
- Issue published online: 19 JUL 2010
- Article first published online: 19 AUG 2010
- Accepted manuscript online: 19 JUL 2010 12:00AM EST
- Received 3 July 2009; accepted 6 June 2010
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