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    The information content of Standard and Poors bank loan ratings : a thesis submitted in partial fulfillment of the requirements for the degree of Masters degree of Business Studies, Massey University
    (Massey University, 2000) Trevett, Kerry
    Empirical work byJames (1987) and Lummer andMcConnell'(1988) among others has established Bank Credit announcements provoke abnormal equity market responses, particularly for firms displaying information asymmetry. This is theorised to be due to the new information imparted to the market in the announcement. Bank Loan markets have undergone substantial change in recent years as commercial bank loans have been transformed into investment commodities. This has seen Bank loans take on more capital market product characteristics including the use of independent Bank Loan Ratings to assess the risk of Bank Loans. In this paper we examine whether Bank Loan Rating Announcements provide the same level of new information to markets. We find they do not provoke a response different from that seen in conventional bond rating announcements. We reason this is due to the fact that the rating agency monitoring certifies firm risk and thereby lowers information asymmetry levels overall. This may be the source of further research.
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    The influence of bank loan officers attitudes on funding decisions : a thesis presented in partial fulfilment of the requirements for the degree of Master of Arts in Psychology at Massey University
    (Massey University, 1998) Duff, Shirley Moana
    A conflicting body of evidence surrounds womens claims that they are discriminated against when it comes to obtaining business loans. Fay and Williams (1991) found that when identical loan applications were submitted by men and women, women were less likely to be granted a loan. It was proposed in this study that gender discrimination could be occurring as a result of bank loan officers attitudes about women as successful business owners. Seventy bank loan officers from North Island branches of the ANZ, ASB and WestpacTrust banks filled in questionnaires assessing their attitudes towards women, men and successful business owners (Buttner & Rosen, 1988). Bank loan officers also read a mock loan application (Fay & Williams, 1991) and indicated whether they would grant the loan. Results showed that bank loan officers did not differentially approve bank loans on the basis of the applicants gender (male or female) or level of education (Highschool or University). Loan approval was harder for male applicants to obtain as 'type of business entering' and 'lease agreement' were considered more important for males than females. Attitudes of bank loan officers indicated that they perceived women, compared to men, to be least like successful business owners. These results were discussed in relation to bank loan officers and prospective business owners. Limitations of the study included the possibility of response bias, participants being aware of the purpose of the study and the fact that the loan application was limited to one scenario and within the context of a hypothetical situation. Suggestions for future research include investigating other sources of funding for small business owners and the occurrence and effect of occupational sex-typing.