distances between firms and their credit suppliers. While their data only cover through 1993, they conjecture that the pace of … higher credit quality firms and firms with more experienced ownership realizing greater gains in distance than other firms … of either lines of credit or multiple types of credit, distances increased very little or not at all during the decade …

We examine the impact of credit default swaps (CDS) on lending relationships and credit market efficiency. CDS insulate … threats, which can have positive implications for borrower incentives and credit availability ex ante. However, lenders may … credit constraints and be detrimental to welfare. Our analysis yields a number of empirical implications, some of which have …

distances between firms and their credit suppliers. While their data only cover through 1993, they conjecture that the pace of … higher credit quality firms and firms with more experienced ownership realizing greater gains in distance than other firms … of either lines of credit or multiple types of credit, distances increased very little or not at all during the decade …