Relationship Bank Behavior during Borrower Distress
研究了借款人陷入财务困境时，关系银行在贷款期限、利率和贷款份额上的时间序列行为，发现困境借款人并未从关系银行获得好处。
This article provides a comprehensive examination of the time-series behavior of relationship banks around and during borrower distress. Relationship and outside loans have similar interest rates during distress and even 2 years prior to distress. Relative to outside loans in distress, relationship loans in distress have lower maturity. The fraction of bank lending given by relationship banks reduces during borrower distress. Overall, borrowers in distress do not derive benefits from relationship banks. These findings are inconsistent with models that suggest banks have an implicit commitment to help their borrowers in distress due to reputation concerns.