The Effect of Credit Market Competition on Lending Relationships
提出一个简单框架，说明信贷市场竞争程度如何影响借贷关系的价值，并用小企业数据证明市场集中时债权人更愿资助受信贷约束的企业。
This paper provides a simple framework showing that the extent of competition in credit markets is important in determining the value of lending relationships. Creditors are more likely to finance credit-constrained firms when credit markets are concentrated because it is easier for these creditors to internalize the benefits of assisting the firms. The paper offers evidence from small business data in support of this hypothesis.