ability. We do so by comparing the ability of bank ratings to predict loan defaults relative to that of public ratings from … that one of the banks has a superior predictive ability relative to the credit bureau. This is evidence that bank credit …, public ratings are also found to have predictive ability for future bank ratings, indicating that risk analysis should be …

more likely to fail because of hold-out problems; in a bank-based system, out-of-court renegotiation stands good chances to … bank-based system. Thus, the paper indentifies a new determinant in the debate over optimal bankruptcy codes, which is how …

availability of bank credit to all start-ups. Owners of unlimited liability businesses, who benefit from the increase in wealth … insurance, offset the reduction in bank credit by investing more money in the firm. We find no such response for start-ups whose …