Managerial effect or firm effect: Evidence from the private debt market
研究发现管理者效应比企业固定效应更能解释贷款合同条款的差异，且银行会跟随管理者跳槽并提供优惠贷款。
Abstract This paper provides evidence that the managerial effect is a key determinant of firms’ cost of capital, in the context of private debt contracting. Applying the novel empirical method developed by an earlier study to a large sample that tracks the job movement of top managers, we find that the managerial effect is a critical and significant factor that explains a large part of the variation in loan contract terms more accurately than firm fixed effects. Additional evidence shows that banks “follow” managers when they change jobs and offer loan contracts with preferential terms to their new firms.