Fang, Yiwei; Francis, Bill; Hasan, Iftekhar; Wang, Haizhi - In: Journal of Empirical Finance 19 (2012) 5, pp. 653-674
This paper examines the relation between strategic alliances and non-financial firms’ bank loan financing. We construct several measures to capture firms’ alliance activities. The key finding is that borrowing firms with active alliance involvement experience lower cost of bank loans. The...