shift from bank finance to bond finance, at a time when the cost of market debt rose above the cost of bank loans. We show …

. However, theory does not tell us a lot about the economic rationale for relationship lending in the context of multiple bank …, small, and innovative firms) have a multitude of bank lenders, where one may be special in the sense of relationship lending … financing. To fill this gap, we analyze the optimal debt structure in a model that allows for multiple but asymmetric bank …

. However, theory does not tell us a lot about the economic rationale for relationship lending in the context of multiple bank …, small, and innovative firms) have a multitude of bank lenders, where one may be special in the sense of relationship lending … financing. To fill this gap, we analyze the optimal debt structure in a model that allows for multiple but asymmetric bank …

Small and medium-sized firms typically obtain capital via bank financing. They often rely on a mixture of relationship … show that the incidence of inefficient credit termination and subsequent firm liquidation is contingent on the borrower …'s quality and on the relationship bank's information precision. Generally, heterogeneous multiple banking leads to fewer …

documents a growing role of non-bank financial intermediaries in the provision of credit to NFCs. After exploring supply and … reallocation of credit to other sectors or assets. This could generate greater systemic risk through unsustainable valuations or … macroprudential framework for non-bank financial intermediaries and calls macroprudential authorities to closely monitor the NFC …

We study the effects of credit shocks in a model with heterogeneous entrepreneurs, financing constraints, and a …

Die Strukturen der Unternehmensfinanzierung und -kontrolle haben sich weltweit grundlegend verändert, gekennzeichnet … Banken bei der Bereitstellung enger Finanzierungsbeziehungen übernehmen. Mithilfe der Governance-Struktur-Theorie der … relationships compared to banks. Using the governance structure theory of transaction cost economics, we show that relationship …