Employing an international sample of bank loans from 37 countries, we find that both borrowers' intensive media coverage and positive media sentiment reduce the interest rate spreads on bank loans. In syndicated lending, positive media sentiment increases the likelihood of a non-relationship bank leading or participating in a loan syndicate and decreases the loan share of the lead arranger. Furthermore, we demonstrate that the negative impact of media news on loan spreads is more pronounced in countries with better financial information and governance environments, a higher representation of privately owned media, and lower government control of banks. These findings underscore the significance of media coverage and sentiment in shaping the costs of bank loans worldwide.

采用来自 37 个国家的银行贷款的国际样本，我们发现借款人的密集媒体报道和积极的媒体情绪都降低了银行贷款的利差。在银团贷款中，积极的媒体情绪会增加非关系银行牵头或参与银团贷款的可能性，并降低牵头安排人的贷款份额。此外，我们还证明，在金融信息和治理环境较好、私营媒体代表性较高、政府对银行控制较低的国家，媒体新闻对贷款利差的负面影响更为明显。这些发现强调了媒体报道和情绪在影响全球银行贷款成本方面的重要性。