Bank Information Monopolies and the Mix of Private and Public Debt Claims
利用1980至1990年间250家上市公司债务结构的详细数据，研究私人债务与公共债务构成的决定因素，发现企业增长机会与银行借款的关系取决于其合作的银行数量及是否发行公共债务。
This paper examines the determinants of the mix of private and public debt using detailed information on the debt structure of 250 publicly traded corporations from 1980 through 1990. We find that the relationship between bank borrowing and the importance of growth opportunities depends on the number of banks the firm uses and whether the firm has public debt outstanding. For firms with a single bank relationship, the reliance on bank debt is negatively related to the importance of growth opportunities. In contrast, among firms borrowing from multiple banks, the relationship is positive.