The fringe benefits of fringe benefits: When firms borrow from their retirement providers
研究发现，与退休计划提供商有业务关系的企业能从该银行获得条件更优的贷款，如更低利差、更大金额和更长期限，且不损害员工退休计划质量，这主要归因于信息不对称的缓解。
I test whether retirement plan providers extend preferential corporate loan terms to firms that have an overlapping retirement plan relationship. I find that loans from affiliated retirement plan providers (i.e., relationship loans) have lower spreads than non-relationship loans. Relationship loans are also larger and exhibit longer maturities. These terms benefit shareholders without sacrificing the quality of retirement plans available to employees. The favorable terms within this banking relationship are most likely explained by the ability of retirement plan relationships to alleviate information asymmetries in the corporate loan market rather than a quid pro quo arrangement.