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The Benefits of Lending Relationships: Evidence from Small Business Data
This paper empirically examines how ties between a firm and its creditors affect the availability and cost of funds to the firm. The authors analyze data collected in a survey of small firms by theExpand
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The Effect of Credit Market Competition on Lending Relationships
This paper provides a simple model showing that the extent of competition in credit markets is important in determining the value of lending relationships. Creditors are more likely to finance creditExpand
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Trade Credit: Theories and Evidence
In addition to borrowing from financial institutions, firms may be financed by their suppliers. Although there are many theories explaining why non-financial firms lend money, there are fewExpand
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Does the Source of Capital Affect Capital Structure?
Empirical examinations of capital structure have led some to conclude that firms are under-levered. Implicit in this argument and much of the empirical work on leverage is the assumption that theExpand
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Trade Credit: Theories and Evidence
In addition to borrowing from financial institutions, firms may be financed by their suppliers. Although there are many theories explaining why non-financial firms lend money, there are fewExpand
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Does Distance Still Matter? The Information Revolution in Small Business Lending
The distance between small firms and their lenders in the United States is increasing. Not only are firms choosing more distant lenders, they are also communicating with them in more impersonal ways.Expand
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The Benefits of Firm-Creditor Relationships: Evidence from small business data. *
This paper empirically examines how close ties between a firm and its creditors affects the availability and the costs of funds to the firm. We analyze data collected in a survey of small firms byExpand
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Information: Hard and Soft
Information is a fundamental component of all financial transactions and markets, but it can arrive in multiple forms. We define what is meant by hard and soft information and describe the relativeExpand
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Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks
Theories based on incomplete contracting suggest that small organizations may do better than large organizations in activities that require the processing of soft information. We explore this idea inExpand
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The Benefits of Lending Relationships: Evidence from Small
This paper empirically examines how ties between a firm and its creditors affect the availability and cost of funds to the firm. We analyze data collected in a survey of small firms by the SmallExpand
  • 162
  • 19
  • PDF