associated with loan terms, we document that longer firm-bank relationships deepen private information often strongly nonlinear … firms, smaller, leveraged, and illiquid banks, at longer firm-bank distances, and during non-COVID times. …

two dimensions of private information embedded in internal credit ratings: incongruity, bank’s assessment of firm risk … relative to one based on observables, and unfavorability, a worse assessment. Incongruity increases in distance and bank …