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The Price Impact of Lending Relationships

This study analyzes the impact of bank relationships on a firm's borrowing costs. We find that a firm's borrowing costs decrease with relationship strength, proxied by the share of bank debt provided by the lender. Borrowing costs, however, rise with relationship length. While the increase over... Full description

1st Person: Stein, Ingrid
Source: in German economic review : GER Vol. 16, No. 3 (2015), p. 367-389
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Type of Publication: Article
Language: English
Published: 2015
Online: Volltext
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