Lending Relationships and the Effect of Bank Distress: Evidence from the 2007–2009 Financial Crisis
研究了2007-2009年金融危机期间34个国家银行困境如何通过贷款关系传导至非金融企业，发现与银行关系最强的企业遭受股权价值损失和投资削减，且公共债务市场无法缓解这种影响。
Abstract We study the transmission of bank distress to nonfinancial firms from 34 countries during the 2007–2009 financial crisis using systemic and bank-specific shocks. We find that bank distress is associated with equity valuation losses and investment cuts to borrower firms with the strongest lending relationships with banks. The losses are not offset by borrowers’ access to public debt markets and are concentrated in firms with the greatest information asymmetry problems and weakest financial positions. Our findings suggest that public debt markets do not mitigate the effects of relationship bank distress during financial crises.