Paige Fields, L.; Fraser, Donald R.; Subrahmanyam, Avanidhar - In: Journal of Banking & Finance 36 (2012) 5, pp. 1536-1547
We analyze the relation between comprehensive measures of board quality and the cost as well as the non-price terms of bank loans. We show that firms that have higher quality boards with a greater advisory presence borrow at lower interest rates. This relation exists even after controlling for...