This paper studies the effects that heterogeneous multiple bank financing hason a firm’s risk- and information-policy, particularly with respect to credit rene-gotiation efficiency. We find that a significant, yet limited, degree of relationshiplending enables firms with high asset specificity...

This paper examines the financing structure of small and medium-sized enterprises (SMEs) inGermany and questions whether an equity gap – or, more generally, a financing gap - exists.Reviewing the literature and available data sources, we find that financing constraints seem toaffect, if at...

Since summer 2007 the Subprime credit crisis has been affecting the international financialmarkets. One of the consequences of the crisis was the collapse of the market for large-sizedleveraged buyout transactions in late 2007 and early 2008.The goal of this Working Paper is to examine to what...

Generally, information provision and certi¯cation have been identi¯ed as the majoreconomic functions of rating agencies. This paper analyzes whether the \watchlist"(rating review) instrument has extended the agencies' role towards a monitoringposition, as proposed by Boot, Milbourn, and...

This paper provides new insights into the use of loan securitization. We analyzecollateralized loan obligation (CLO) transactions by European banks from 1997 to 2004and try to identify the influence that various firm-specific and macroeconomic factorsmay have on an institution's securitization...

Im Mittelpunkt dieser Arbeit steht die Analyse der Vor- und Nachteile einer geglätte-ten versus aktuellen Informationsbasis in einem theoretischen Modell. Am Beispielstabiler Agency-Ratings und volatiler marktbasierter Ratings zeigt sich, dass die Ef-fekte der Berichtsmethode von den...

Small and medium-sized firms often obtain capital via a mixture of relationshipand arm's-length bank lending. We show that such heterogeneous multiple bankfinancing leads to a lower probability of inefficient credit foreclosure than bothmonopoly relationship lending and homogeneous multiple bank...