• Abstract
  • Non-technical summary
  • 1 Introduction
  • 2 Hypotheses
  • 3 Data
  • 3.1 Sample of syndicated loans
  • 3.2 Sample of lead arranger banks
  • 3.3 Sample of borrower fi rms
  • 3.4 Bank-fi rm governance links
  • 4 Do bank-fi rm links affect the choice oflead arranger bank?
  • 4.1 Main results
  • 4.2 When are bank links more importantfor directing lending business?
  • 4.3 Robustness
  • 4.4 Endogeneity
  • 5 Do bank-fi rm governance links affectloan pricing and non-pricing terms?
  • 5.1 Main results
  • 5.2 Endogeneity
  • 5.3 Do bank-fi rm governance links affectother non-pricing loan terms? 345.4 Do bank-fi rm links affect loan syndicateconcentration? 346 What is the ex-post loan performance offi rms with bank governance links? 357 Conclusion 36References 38Tables 43Appendix 60Acknowledgement 63European Central Bank Working Paper Series