文献类型： 外文期刊

作者： Even-Tov, Omri ¹ ; Li, Xinlei ² ; Wang, Hui ³ ; Williams, Christopher ⁴ ;

作者机构： 1.Univ Calif Berkeley, Haas Sch Business, Berkeley, CA 94720 USA

2.Univ Calif Davis, Grad Sch Management, Davis, CA USA

3.Renmin Univ China, Beijing, Peoples R China

4.Univ Michigan, Stephen M Ross Sch Business, Ann Arbor, MI USA

关键词： Individual-pair lending relationships; Asymmetric information; Soft information; Professional connections; Bank lending; Debt contracting

期刊名称：REVIEW OF ACCOUNTING STUDIES （ 影响因子：4.2； 五年影响因子：5.9 ）

ISSN： 1380-6653

年卷期： 2023 年

页码：

收录情况： SCI

摘要： We examine the significance and uniqueness of individual-pair relationships cultivated through repeated loan interactions. Using a hand-collected dataset compiled of borrowing manager and loan officer information, we find that individual-pair relationship loans are associated with a cost-of-debt reduction of between seven to 13 basis points. We also document that the relationship has an economic impact even when other affiliations, for example, institutional pairs, social ties, cultural proximity, and gender, are considered. Individual-pair relationships matter because they furnish lenders with useful soft information, especially when the firm has a poor hard information environment or when the bank and loan officer rely less on hard information. In addition, we find that individual-pair relationship loans have fewer rating downgrades, suggesting that accumulated soft information leads to better loan quality. Collectively, our results highlight the unique value of sustained professional engagement between two individuals in the lending process.