Using data from SEC filings, I show that the typical bank loan is renegotiated five times, or every nine months. The …

monitoring, as theory suggests. However, our tests also reveal that publicly available information from a credit bureau is not … efficiently impounded in the bank ratings: The credit bureau ratings not only predict future movements in the bank ratings but … are consistent with bank loan officers placing too much weight on their private information, a form of overconfidence. To …

to predict future credit bureau ratings. This is evidence that bank credit ratings, consistent with theory, contain … ability. They test the banks' ability to forecast credit bureau ratings, and vice versa, and show that bank ratings are able … valuable private information. However, the authors also find that public ratings have an ability to predict future bank ratings …

from monitoring, as theory suggests. Banks' private information increases with the size of loans …