Fee, C.; Pierce, Joshua; Seo, Hoontaek; Yan, Shan - In: Journal of Financial Services Research 46 (2014) 1, pp. 77-97
In the theory of financial intermediation, bank debt is often characterized as being more readily renegotiable than public debt. Banks are also conjectured to gain valuable non-public information through closer monitoring. Given these features, bank debt can theoretically be more flexible than...