Going public, as one of the most important events during a firm's life cycle, may influence bank monitoring through a …-borrower information asymmetry, thereby lowering the demand of bank monitoring. Second, public firms are subject to strict regulation and … of monitoring. Third, dispersed ownership after going public impedes shareholders' monitoring, and bank monitoring is …

provide evidence that instead, the corporate bond market is central to firms' access to liquidity, crowding out bank loans … "high-yield" firms, prefer issuing bonds to borrowing from their bank. Over 40% of bond issuers leave their credit line … untouched in 2020Q1. Moreover, a large share of bond issuance is used to repay existing bank loans. This liquidity-driven bond …

The availability of bank lending and corporate bond markets underwent a drastic change in the eurozone with the break … out of the financial crisis. To quantify the relation between the two, this paper empirically tests the role of bank … the ECB Bank Lending Survey, we capture the "pure" credit supply effect on corporate external financing in a sample period …