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• W1545161472 abstract "While existing literature has documented the benefits of relationship banking for small privately held businesses, there is little empirical work that examines whether lending relationships provide significant (if any) benefits to larger borrowers. Our paper addresses this question. Unlike earlier studies we analyze the effects of borrowing from relationship lenders for large borrowers who have access to public capital markets. We find that, on average, borrowing from a relationship lender translates into a 5 to 15 basis point lowering of interest rates for a large borrower and that these benefits are significantly larger for borrowers facing higher information asymmetries. We also examine other non-price features of large borrowers’ loan facilities, such as maturity and collateral. Importantly, our’s is the first paper to estimate the impact of these variables using a simultaneous equations approach which recognizes the joint determination of price and non-price terms. Our results show that large borrowers have a significantly lower probability of having to pledge collateral if the loan is from a relationship lender. Furthermore, relationship borrowers appear to enjoy access to larger debt financing and are therefore less credit constrained than non-relationship borrowers. ∗Bharath is with University of Michigan, Dahiya is with Georgetown University, Saunders is with New York University, and Srinivasan is with National University of Singapore. Please address all correspondence to Anthony Saunders, Stern School of Business, New York University, New York 10012. Tel: 212 998 0711. Fax:212 995 4232. Email: asaunder@stern.nyu.edu" @default.
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• W1545161472 date "2007-01-01" @default.
• W1545161472 modified "2023-09-27" @default.
• W1545161472 title "Lending relationships and loan contract terms: does size matter?" @default.
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