Showing 1 - 9 of 9
Persistent link: https://www.econbiz.de/10003648238
This paper studies optimal risk-taking and information disclosure by firms that obtain financing from both a relationshipʺ bank and arm’s-lengthʺ banks. We find that firm decisions are asymmetrically influenced by the degree of heterogeneity among banks: lowly-collateralized firms vary...
Persistent link: https://www.econbiz.de/10002733807
Small and medium-sized firms typically obtain capital via bank financing. They often rely on a mixture of relationship and arm’s-length banking. This paper explores the reasons for the dominance of heterogeneous multiple banking systems. We show that the incidence of inefficient credit...
Persistent link: https://www.econbiz.de/10002739869
Small and medium-sized firms often obtain capital via a mixture of relationship and arm's-length bank lending. We show that such heterogeneous multiple bank financing leads to a lower probability of ineefficient credit foreclosure than both monopoly relationship lending and homogeneous multiple...
Persistent link: https://www.econbiz.de/10003750303
Small and medium-sized firms typically obtain capital via bank financing. They often rely on a mixture of relationship and arm's-length banking. This paper explores the reasons for the dominance of heterogeneous multiple banking systems. We show that the incidence of inefficient credit...
Persistent link: https://www.econbiz.de/10010316088
Persistent link: https://www.econbiz.de/10008859888
This paper studies the effects that heterogeneous multiple bank financing has on a firm's risk- and information-policy, particularly with respect to credit renegotiation efficiency. We find that a significant, yet limited, degree of relationship lending enables firms with high asset specificity...
Persistent link: https://www.econbiz.de/10003816337
Persistent link: https://www.econbiz.de/10014443345
The issuance of sustainability-linked loans (SLLs) has grown exponentially in recent years. Using a scoring methodology, we examine the underlying key performance indicators of a large sample of SLLs and analyze whether their design creates effective incentives for improving corporate...
Persistent link: https://www.econbiz.de/10013554919