메뉴 건너뛰기




Volumn 23, Issue 3, 2010, Pages 1149-1199

Lending relationships and information rents: Do banks exploit their information advantages?

Author keywords

[No Author keywords available]

Indexed keywords


EID: 77951225604     PISSN: 08939454     EISSN: 14657368     Source Type: Journal    
DOI: 10.1093/rfs/hhp080     Document Type: Article
Times cited : (236)

References (51)
  • 1
    • 38049111743 scopus 로고    scopus 로고
    • Distance and information asymmetries in lending
    • Federal Reserve Bank of Chicago, and American University
    • Agarwal, S., and R. Hauswald. 2008. Distance and Information Asymmetries in Lending.Working Paper, Federal Reserve Bank of Chicago, and American University.
    • (2008) Working Paper
    • Agarwal, S.1    Hauswald, R.2
  • 2
    • 33746840203 scopus 로고    scopus 로고
    • How persistent is the impact of market timing on capital structure?
    • Alti, A. 2006. How Persistent Is the Impact of Market Timing on Capital Structure? Journal of Finance 61:1681-1710
    • (2006) Journal of Finance , vol.61 , pp. 1681-1710
    • Alti, A.1
  • 3
    • 0036129455 scopus 로고    scopus 로고
    • Information externalities and the role of underwriters in primary equity markets
    • Benveniste, L., W. Busaba, and W. Wilhelm. 2002. Information Externalities and the Role of Underwriters in Primary Equity Markets. Journal of Financial Intermediation 11:61-86.
    • (2002) Journal of Financial Intermediation , vol.11 , pp. 61-86
    • Benveniste, L.1    Busaba, W.2    Wilhelm, W.3
  • 4
    • 77951235892 scopus 로고    scopus 로고
    • Conflict of interest and certification: Long-term performance and valuation of U.S. IPOS underwritten by relationship banks
    • Forthcoming
    • Benzoni, L., and C. Schenone. Forthcoming. Conflict of Interest and Certification: Long-Term Performance and Valuation of U.S. IPOs Underwritten by Relationship Banks. Journal of Financial Intermediation
    • Journal of Financial Intermediation
    • Benzoni, L.1    Schenone, C.2
  • 5
    • 16844377675 scopus 로고    scopus 로고
    • Does function follow organizational form? Evidence from the lending practices of large and small banks
    • Berger, A. N., N. H. Miller, M. A. Petersen, R. G. Rajan, and J. Stein. 2005. Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks. Journal of Financial Economics 76:237-269
    • (2005) Journal of Financial Economics , vol.76 , pp. 237-269
    • Berger, A.N.1    Miller, N.H.2    Petersen, M.A.3    Rajan, R.G.4    Stein, J.5
  • 6
    • 0038127300 scopus 로고
    • Relationship lending and lines of credit in small firm finance
    • Berger, A. N., and G. F. Udell. 1995. Relationship Lending and Lines of Credit in Small Firm Finance. Journal of Business 68:351-381
    • (1995) Journal of Business , vol.68 , pp. 351-381
    • Berger, A.N.1    Udell, G.F.2
  • 8
  • 10
    • 21444444859 scopus 로고
    • Moral hazard and secured lending in an infinitely repeated credit market game
    • Boot, A.W., and A. V. Thakor. 1994. Moral Hazard and Secured Lending in an Infinitely Repeated Credit Market Game. International Economic Review 35:899-920.
    • (1994) International Economic Review , vol.35 , pp. 899-920
    • Boot, A.W.1    Thakor, A.V.2
  • 12
    • 12344330813 scopus 로고    scopus 로고
    • Distance, lending relationships, and competition
    • Degryse, H., and S. Ongena. 2005. Distance, Lending Relationships, and Competition. Journal of Finance 40:231-266
    • (2005) Journal of Finance , vol.40 , pp. 231-266
    • Degryse, H.1    Ongena, S.2
  • 13
    • 0002812128 scopus 로고    scopus 로고
    • Relationship lending within a bank-based system: Evidence from european small business data
    • Degryse, H., and P. Van Cayseele. 2000. Relationship Lending within a Bank-Based System: Evidence from European Small Business Data. Journal of Financial Intermediation 9:90-109.
    • (2000) Journal of Financial Intermediation , vol.9 , pp. 90-109
    • Degryse, H.1    Van Cayseele, P.2
  • 15
    • 0038831326 scopus 로고    scopus 로고
    • Multiple versus single banking relationships: Theory and evidence
    • Detragiache, E., P. Garella, and L. Guiso. 2000. Multiple versus Single Banking Relationships: Theory and Evidence. Journal of Finance 55:1133-1161
    • (2000) Journal of Finance , vol.55 , pp. 1133-1161
    • Detragiache, E.1    Garella, P.2    Guiso, L.3
  • 16
    • 84935413182 scopus 로고
    • Monitoring and reputation, the choice between bank loans and directly placed debt
    • Diamond, D. 1991. Monitoring and Reputation, the Choice between Bank Loans and Directly Placed Debt. Journal of Political Economy 99:688-721.
    • (1991) Journal of Political Economy , vol.99 , pp. 688-721
    • Diamond, D.1
  • 17
    • 19944398575 scopus 로고    scopus 로고
    • On the benefits of concurrent lending and underwriting
    • Drucker, S., and M. Puri. 2005. On the Benefits of Concurrent Lending and Underwriting. Journal of Finance 60:2763-2800
    • (2005) Journal of Finance , vol.60 , pp. 2763-2800
    • Drucker, S.1    Puri, M.2
  • 18
    • 11444266001 scopus 로고    scopus 로고
    • Empirical determinants of relationship lending
    • Elsas, R. 2005. Empirical Determinants of Relationship Lending. Journal of Financial Intermediation 14:32-57.
    • (2005) Journal of Financial Intermediation , vol.14 , pp. 32-57
    • Elsas, R.1
  • 19
    • 0001533965 scopus 로고    scopus 로고
    • Is relationship lending special? Evidence from credit-file data in Germany
    • Elsas, R., and J. P. Krahnen. 1998. Is Relationship Lending Special? Evidence from Credit-File Data in Germany. Journal of Banking and Finance 22:1283-1316
    • (1998) Journal of Banking and Finance , vol.22 , pp. 1283-1316
    • Elsas, R.1    Krahnen, J.P.2
  • 21
    • 84993900542 scopus 로고
    • Debt financing under asymmetric information
    • Goswami, G., T. Noe, and M. Rebello. 1995. Debt Financing under Asymmetric Information. Journal of Finance 50:633-659
    • (1995) Journal of Finance , vol.50 , pp. 633-659
    • Goswami, G.1    Noe, T.2    Rebello, M.3
  • 23
    • 0042788827 scopus 로고    scopus 로고
    • Information technology and financial services competition
    • Hauswald, R., and R. Marquez. 2003. Information Technology and Financial Services Competition. Review of Financial Studies 16:921-948
    • (2003) Review of Financial Studies , vol.16 , pp. 921-948
    • Hauswald, R.1    Marquez, R.2
  • 24
    • 33747880934 scopus 로고    scopus 로고
    • Competition and strategic information acquisition in credit markets
    • Hauswald, R., and R. Marquez. 2006. Competition and Strategic Information Acquisition in Credit Markets. Review of Financial Studies 19:967-1000.
    • (2006) Review of Financial Studies , vol.19 , pp. 967-1000
    • Hauswald, R.1    Marquez, R.2
  • 25
    • 0011736481 scopus 로고    scopus 로고
    • Bank information monopolies and the mix of private and public debt claims
    • Houston, J., and C. James. 1996. Bank Information Monopolies and the Mix of Private and Public Debt Claims. Journal of Finance 51:1863-1889 (Pubitemid 126315012)
    • (1996) Journal of Finance , vol.51 , Issue.5 , pp. 1863-1889
    • Houston, J.1    James, C.2
  • 26
    • 0001131377 scopus 로고
    • Some evidence on the uniqueness of bank loans
    • James, C. 1987. Some Evidence on the Uniqueness of Bank Loans. Journal of Financial Economics 19:217-235
    • (1987) Journal of Financial Economics , vol.19 , pp. 217-235
    • James, C.1
  • 27
    • 84993660190 scopus 로고
    • Relationship-specific assets and the pricing of underwriting services
    • James, C. 1992. Relationship-Specific Assets and the Pricing of Underwriting Services. Journal of Finance 47:1865-1885
    • (1992) Journal of Finance , vol.47 , pp. 1865-1885
    • James, C.1
  • 28
    • 38249017555 scopus 로고
    • Borrowing relationships, intermediation and the cost of issuing public securities
    • James, C., and P.Wier. 1990. Borrowing Relationships, Intermediation and the Cost of Issuing Public Securities. Journal of Financial Economics 28:149-171
    • (1990) Journal of Financial Economics , vol.28 , pp. 149-171
    • James, C.1    Wier, P.2
  • 29
    • 84963001848 scopus 로고
    • Bank portfolio allocation, deposit variability and the availability doctrine
    • Kane, E., and B. Malkiel. 1965. Bank Portfolio Allocation, Deposit Variability and the Availability Doctrine. Quarterly Journal of Economics 79:113-134
    • (1965) Quarterly Journal of Economics , vol.79 , pp. 113-134
    • Kane, E.1    Malkiel, B.2
  • 30
    • 23944451587 scopus 로고    scopus 로고
    • The impact of bank consolidation on commercial borrower welfare
    • Karceski, J., S. Ongena, and D. Smith. 2005. The Impact of Bank Consolidation on Commercial Borrower Welfare. Journal of Finance 60:2043-2082
    • (2005) Journal of Finance , vol.60 , pp. 2043-2082
    • Karceski, J.1    Ongena, S.2    Smith, D.3
  • 31
    • 29344444221 scopus 로고    scopus 로고
    • Competing for securities underwriting mandates: Banking relationships and analyst recommendations
    • Ljungqvist, A., F. Marston, and W. Wilhelm. 2006. Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations. Journal of Finance 61:301-340
    • (2006) Journal of Finance , vol.61 , pp. 301-340
    • Ljungqvist, A.1    Marston, F.2    Wilhelm, W.3
  • 32
    • 6344270172 scopus 로고    scopus 로고
    • Why has IPO underpricing increased over time?
    • Loughran, T., and J. Ritter. 2004. Why Has IPO Underpricing Increased over Time? Financial Management 33:5-37.
    • (2004) Financial Management , vol.33 , pp. 5-37
    • Loughran, T.1    Ritter, J.2
  • 33
    • 45349110429 scopus 로고
    • Further evidence on the bank lending process and the capitalmarket response to bank loan agreements
    • Lummer, S. L., and J. J. McConnell. 1989. Further Evidence on the Bank Lending Process and the CapitalMarket Response to Bank Loan Agreements. Journal of Financial Economics 25:99-122.
    • (1989) Journal of Financial Economics , vol.25 , pp. 99-122
    • Lummer, S.L.1    McConnell, J.J.2
  • 34
    • 0035629158 scopus 로고    scopus 로고
    • Technological innovation and initial public offerings
    • Maksimovic, V., and P. Pichler. 2001. Technological Innovation and Initial Public Offerings. Review of Financial Studies 14:459-494
    • (2001) Review of Financial Studies , vol.14 , pp. 459-494
    • Maksimovic, V.1    Pichler, P.2
  • 35
    • 33747078364 scopus 로고
    • Valuation effects of security offerings and the issuance process
    • Mikkelson, W. H., and M. M. Partch. 1986. Valuation Effects of Security Offerings and the Issuance Process. Journal of Financial Economics 15:31-60.
    • (1986) Journal of Financial Economics , vol.15 , pp. 31-60
    • Mikkelson, W.H.1    Partch, M.M.2
  • 36
    • 0042887763 scopus 로고    scopus 로고
    • Bank relationships: A review
    • Harper, K., and A. Zenios (eds.), Cambridge, UK: Cambridge University Press
    • Ongena, S., and D. Smith. 2000. Bank Relationships: A Review. In Harper, K., and A. Zenios (eds.), The Performance of Financial Institutions, 221-258 Cambridge, UK: Cambridge University Press.
    • (2000) The Performance of Financial Institutions , pp. 221-258
    • Ongena, S.1    Smith, D.2
  • 37
    • 0002898789 scopus 로고    scopus 로고
    • What determines the number of bank relationships? Cross-country evidence
    • Ongena, S., and D. Smith. 2000. What Determines the Number of Bank Relationships? Cross-Country Evidence. Journal of Financial Intermediation 9:26-56.
    • (2000) Journal of Financial Intermediation , vol.9 , pp. 26-56
    • Ongena, S.1    Smith, D.2
  • 39
    • 0031542829 scopus 로고    scopus 로고
    • Endogenous communication among lenders and entrepreneurial incentives
    • Padilla, A. J., andM. Pagano. 1997. Endogenous Communication among Lenders and Entrepreneurial Incentives. Review of Financial Studies 10:205-236
    • (1997) Review of Financial Studies , vol.10 , pp. 205-236
    • Padilla, A.J.1    Pagano, M.2
  • 40
    • 0009895248 scopus 로고    scopus 로고
    • Why do companies go public? An empirical analysis
    • Pagano, M., F. Paneta, and L. Zingales. 1998. Why Do Companies Go Public? An Empirical Analysis. Journal of Finance 53:24-64.
    • (1998) Journal of Finance , vol.53 , pp. 24-64
    • Pagano, M.1    Paneta, F.2    Zingales, L.3
  • 41
    • 84993914974 scopus 로고
    • The benefits of lending relationships: Evidence from small business data
    • Petersen, M. A., and R. G. Rajan. 1994. The Benefits of Lending Relationships: Evidence from Small Business Data. Journal of Finance 49:3-37.
    • (1994) Journal of Finance , vol.49 , pp. 3-37
    • Petersen, M.A.1    Rajan, R.G.2
  • 42
    • 84862244566 scopus 로고
    • The effect of credit market competition on lending relationships
    • Petersen, M. A., and R. G. Rajan. 1995. The Effect of Credit Market Competition on Lending Relationships. Quarterly Journal of Economics 60:407-443
    • (1995) Quarterly Journal of Economics , vol.60 , pp. 407-443
    • Petersen, M.A.1    Rajan, R.G.2
  • 43
    • 0012949171 scopus 로고    scopus 로고
    • Does distance still matter? the information revolution in small business lending
    • Petersen, M. A., and R. G. Rajan. 2002. Does Distance Still Matter? The Information Revolution in Small Business Lending. Journal of Finance 57:2533-2570
    • (2002) Journal of Finance , vol.57 , pp. 2533-2570
    • Petersen, M.A.1    Rajan, R.G.2
  • 44
    • 84977702514 scopus 로고
    • Insiders and outsiders: The choice between informed and arm's length debt
    • Rajan, R. G. 1992. Insiders and Outsiders: The Choice between Informed and Arm's Length Debt. Journal of Finance 47:1367-1400
    • (1992) Journal of Finance , vol.47 , pp. 1367-1400
    • Rajan, R.G.1
  • 45
    • 43649085108 scopus 로고    scopus 로고
    • Bank loans, bonds, and information monopolies across the business cycle
    • Santos, J. A. C., and A. Winton. 2008. Bank Loans, Bonds, and Information Monopolies Across the Business Cycle. Journal of Finance 63:1315-1359
    • (2008) Journal of Finance , vol.63 , pp. 1315-1359
    • Santos, J.A.C.1    Winton, A.2
  • 46
    • 0011238685 scopus 로고    scopus 로고
    • The effects of bank mergers on loan contracts
    • Sapienza, P. 2002. The Effects of Bank Mergers on Loan Contracts. Journal of Finance 57:329-367
    • (2002) Journal of Finance , vol.57 , pp. 329-367
    • Sapienza, P.1
  • 47
    • 10944250834 scopus 로고    scopus 로고
    • The effect of banking relations on the firm's ipo underpricing
    • Schenone, C. 2004. The Effect of Banking Relations on the Firm's IPO Underpricing. Journal of Finance 60:2903-2958
    • (2004) Journal of Finance , vol.60 , pp. 2903-2958
    • Schenone, C.1
  • 48
    • 84977733424 scopus 로고
    • Asymmetric information, bank lending and implicit contracts: A stylized model of customer relationships
    • Sharpe, S. 1990. Asymmetric Information, Bank Lending and Implicit Contracts: A Stylized Model of Customer Relationships. Journal of Finance 45:1069-1087
    • (1990) Journal of Finance , vol.45 , pp. 1069-1087
    • Sharpe, S.1
  • 49
    • 33947301769 scopus 로고    scopus 로고
    • Information asymmetry and financial arrangements: Evidence from syndicated loans
    • Sufi, A. 2007. Information Asymmetry and Financial Arrangements: Evidence from Syndicated Loans. Journal of Finance 62:629-668
    • (2007) Journal of Finance , vol.62 , pp. 629-668
    • Sufi, A.1
  • 50
    • 47749139814 scopus 로고    scopus 로고
    • Information production in stock markets and cost of bank debt
    • Northwestern University
    • Sunder, J. 2002. Information Production in Stock Markets and Cost of Bank Debt.Working Paper, Northwestern University.
    • (2002) Working Paper
    • Sunder, J.1
  • 51
    • 0000944328 scopus 로고
    • Testing for selectivity bias in panel data models
    • Veerbek, M., and T. Nijman. 1992. Testing for Selectivity Bias in Panel Data Models. International Economic Review 33:681-703.
    • (1992) International Economic Review , vol.33 , pp. 681-703
    • Veerbek, M.1    Nijman, T.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.