The month-of-the-year effect in corporate lending - Archive ouverte HAL Access content directly
Journal Articles Finance Research Letters Year : 2021

The month-of-the-year effect in corporate lending

Jérémie Bertrand
Aurore Burietz

Abstract

We investigate the existence of calendar effect in corporate lending decisions. We show that the loan amount granted by banks significantly varies across months. We find a positive effect of quarter-end and year-end months on the loan amount. We attribute these effects to trade loading behavior, according to which banks would inflate granted loans at the end of the quarter and the year to hit financial targets.
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hal-03265765 , version 1 (21-06-2021)

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Jérémie Bertrand, Aurore Burietz, Laurent Weill. The month-of-the-year effect in corporate lending. Finance Research Letters, 2021, pp.102014. ⟨10.1016/j.frl.2021.102014⟩. ⟨hal-03265765⟩
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