The Impact of Bank Financing on Borrowers’ Voluntary Disclosures and Real Investments

The authors thank the following for insightful comments and suggestions: Zhongwen Fan, Gilles Hilary, Sudarshan Jayaraman, Oliver Zhen Li, Alvis Lo, Jinzhi Lu, Suraj Srinivasan (editor), Günter Strobl, Liandong Zhang, an associate editor, two anonymous referees, and workshop participants at the City University of Hong Kong, CUHK Shenzhen, Hong Kong University of Science and Technology, Shanghai Jiaotong University, Shanghai Lixin University of Accounting and Finance, Sun Yat-Sen University, and University of Vienna. The authors also thank Detian Yang for excellent research assistance.