Uncertainty and the Cost of Bank versus Bond Finance
研究发现不确定性上升时公司债券利差扩大，但银行贷款利差不变，原因是银行通过长期关系获取额外信息，维持利差以保持客户关系。
Abstract How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper finds that heightened uncertainty is accompanied by an increase in corporate bond spreads, whereas spreads on bank loans remain unchanged. This finding can be explained with a model that includes costly state verification and in which banks maintain long‐term relationships with borrowers and acquire information beyond what is publicly available. After an unexpected increase in uncertainty, the probability of borrower default increases. Banks leave the loan spread unchanged to maintain the relationship. In contrast, bond spreads increase because investors demand compensation for the increased default risk.