lending in the sense that some socially productive firms are denied credit due to excessively high interest rate. …

As the euro area has a predominantly bank-based financial system, changes in the composition and strength of banks … developments in banks’ balance sheets, profitability and risk-bearing capacity and analyses their relevance for monetary policy. We …

-policy, particularly with respect to credit renegotiation efficiency. We find that a significant, yet limited, degree of relationship … coordination failure by their banks. …

that such heterogeneous multiple bank financing leads to a lower probability of ineefficient credit foreclosure than both … profits, the probability of ineefficient credit-renegotiation is shown to decrease along with the relationship bank …

violations. A series of analyses suggest that part of this decline in disclosure reflects a delegation of monitoring to banks by …

a dataset of small business financing, we find that mergers of small banks have a negative impact on soft information … acquisition, whereas mergers of large banks have no impact. We also find some evidence that an increase in organizational … information acquisition by small banks. These findings are consistent with the organizational theory that predicts a comparative …

prepay, we show that high prepayment risk can trigger credit rationing by the bank. However, an upfront fee, which allows the …

public debt investors, banks have unique advantages in acquiring information and can impose contractual terms to mitigate … financing. This result is consistent with banks' superior information processing capabilities. Second, we find that banks …). Overall, our combined findings suggest that banks are an attractive source of financing for firms with complex disclosures …

violations. A series of analyses suggest that part of this decline in disclosure reflects a delegation of monitoring to banks by …

2015, we test whether young businesses are more likely to face credit rejections from lenders than their older peers. Our … findings appear to confirm our suspicions that new enterprises consistently experience higher denials from banks compared to … the issue of sample selection bias potentially affecting our data. Additional tests also reveal that credit constraints …