, small, and innovative firms) have a multitude of bank lenders, where one may be special in the sense of relationship lending …. However, theory does not tell us a lot about the economic rationale for relationship lending in the context of multiple bank … financing. To fill this gap, we analyze the optimal debt structure in a model that allows for multiple but asymmetric bank …

cycle comovement increases when credit embodies public bonds held by banks, a bank financing to the public sector. However …, in the post ]WWII era, this financial backup to the public side of the economy has occurred at the expense of bank …

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 yields and a decrease in bank lending …