technology was the primary driver of the observed increase in small business borrower-lender distances in the United States in … recent years. Using a different data source for small business loans, we show that annual increases in borrower … lending banks. Our tests also reveal strong statistical associations between lending distances and borrower characteristics …

We investigate the relationship between borrower quality and the structure of the pool of banks. First, we develop a … lenders on various proxies of borrower quality. Our empirical tests corroborate the theoretical redictions. The size of the … banking pool is a signal of borrower quality. Hence, good quality firms have fewer lenders in their banking pools. …

borrower characteristics as well as macroeconomic conditions on the cost of foreign borrowing and test whether these effects …