ABSTRACT This study provides evidence that private loan issuance offers opportunities for borrowers to learn new information about their own risks and subsequently disclose such information in their risk factor disclosures (RFDs) to satisfy lenders’ demand for transparency about borrowers’ risks. This loan issuance effect on risk disclosures is more pronounced when greater learning opportunities are present and when lenders have a stronger demand for borrowers’ risk information transparency. Further analyses suggest that the enhanced risk disclosures following loan issuance not only benefit lenders by reducing the costs of accessing the secondary credit markets, but also create spillover benefits for equity investors by increasing risk information about the borrower and reducing uncertainty about the borrower’s risk. Taken together, these findings suggest that borrowers’ private interactions with lenders provide new opportunities for managers to generate and reflect fresh information in corporate risk disclosures, ultimately benefiting a wide range of capital market participants. Data Availability: Data are available from the sources identified in the paper. JEL Classifications: G21; G32; M41.

中文翻译：

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民间借贷发行及风险因素披露


摘要这项研究提供的证据表明，私人贷款发行为借款人提供了了解有关其自身风险的新信息的机会，并随后在其风险因素披露（RFD）中披露这些信息，以满足贷款人对借款人风险透明度的要求。当存在更多的学习机会并且贷款人对借款人的风险信息透明度有更强烈的要求时，贷款发行对风险披露的影响更加明显。进一步的分析表明，贷款发行后加强风险披露不仅通过降低进入二级信贷市场的成本使贷款人受益，而且通过增加借款人的风险信息并减少借款人风险的不确定性，为股权投资者创造溢出效益。总而言之，这些研究结果表明，借款人与贷款人的私下互动为管理者提供了新的机会，可以在公司风险披露中生成和反映新信息，最终使广泛的资本市场参与者受益。数据可用性：数据可从本文中确定的来源获得。 JEL 分类：G21； G32； M41。