Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/237692 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
ECB Working Paper No. 2553
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper presents evidence that personal relationships between corporate borrowers and bank loan officers improve the outcomes of loan renegotiation. Analysing a bank reorganization in Greece in the mid-2010s, I find that firms that experience an exogenous interruption in their loan officer relationship confront three consequences: one, the firms are less likely to renegotiate their loans; two, conditional on renegotiation, the firms are given tougher loan terms; and three, the firms are more likely to alter their capital structure. These results point to the importance of lending relationships in mitigating the cost of distress for borrowers in loan renegotiations.
Schlagwörter: 
loan renegotiation
bank branch closures
loan officers
corporate credit
JEL: 
G21
L14
E44
E58
O16
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-4553-0
Dokumentart: 
Working Paper

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