Table 8.

Relationship between PIN and new loan information

Variables	PIN
	1	2		3
Panel A: Relation between PIN and new loans
Intercept	0.4131***	0.3141***		0.3136***
	(14.71)	(11.38)		(11.36)
New loan	$-$ 0.0031**
	($-$ 2.26)
New loan size		$-$ 0.0050*
		($-$ 1.75)
New Tbank				$-$ 0.0013
				($-$ 0.85)
Controls	Yes	Yes		Yes
Year $\times$ industry-fixed effect	Yes	Yes		Yes
Firm-fixed effect	Yes	Yes		Yes
Adjusted $R^2$	0.0600	0.0791		0.0791
Obs.	43,525	43,525		43,525

Variables	PIN
	1	2	3	4
Panel B: Relation between PIN and new overdue loans
Loan information (LI)	OL	OL rate	OL Tbank	OL Nbank
Intercept	0.4200***	0.4171***	0.4181***	0.4197***
	(10.64)	(10.58)	(10.61)	(10.62)
New LI	0.0019	0.0287	0.0168	0.0022
	(0.33)	(1.03)	(1.16)	(0.48)
New LI t-1	0.0032	0.0420	0.0221	0.0041
	(0.44)	(1.63)	(1.16)	(0.73)
New LI t-2	$-$ 0.0064	$-$ 0.0212	$-$ 0.0081	$-$ 0.0082**
	($-$ 1.30)	($-$ 0.98)	($-$ 0.93)	($-$ 2.00)
New LI t-3	$-$ 0.0132***	$-$ 0.0129	$-$ 0.0219***	$-$ 0.0094**
	($-$ 2.79)	($-$ 0.67)	($-$ 2.64)	($-$ 2.08)
Controls	Yes	Yes	Yes	Yes
Year $\times$ industry-fixed effect	Yes	Yes	Yes	Yes
Firm-fixed effect	Yes	Yes	Yes	Yes
Adjusted $R^2$	0.0687	0.0686	0.0687	0.0687
Obs.	26,022	26,022	26,022	26,022

This table reports the OLS results of the tests on the relationships between PIN and new loan information. It represents the results of the regression: $PI{N}_{i,t}=\alpha +{\beta }_1\times Positive\_loan\_informatio{n}_{i,t}/Loan\_defaul{t}_{i,t}+\sum {\beta }_i\times Contro{l}_{i,t}+{\epsilon }_{i,t}$, where PIN is the measure for information asymmetry in the stock market. Variables of new loans in Panel A are New Loan, New Loan Size, and New Tbank. Variables of new overdue loans in Panel B are New OL, New OL rate, New OL Tbank, and New OL Nbank. The control variables in previous tables are included in the regressions, and the t-statistics reported are based on standard errors clustered by firm. Symbols *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively