科研之友
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摘要
We examine the association between relationship lending and the likelihood of bank loan covenant violations. We find that relationship lending reduces the probability of ex-post covenant violations. The length of the lending relationships has an inverted U-shaped effect on the likelihood of covenant violations. The borrowers and lenders both benefit from relationship lending, but long-term lending relationships weaken the borrower's bargaining power.
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单位y; 江西财经大学
