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This paper analyses the role of collateral in loan contracting when companies are financed by multiple bank lenders and relationship lending can be present. We conjecture and empirically validate that relationship lenders, who enjoy an informational advantage over arm’s-length banks, are more senior to strengthen their bargaining power in future renegotiation if borrower’s face financial distress. This deters costly conflicts between lenders and fosters workout decisions by the best informed party. Consistent with our conjecture, we find that relationship lender in general have a higher probability to be collateralized, and a higher degree of collateralization (i.e. seniority). Furthermore, we show that seniority and the status of relationship lending increases the likelihood that a bank invests in a risky workout of distressed borrowers. Both findings support the view that collateral is a strategic instrument intended to influence the bargaining position of banks. Our result further suggest that seniority and relationship lending are complementary to each other. JEL Classification: G21
Nominalizations
(2002)
The present volume is a selection of the papers presented in workshops at ZAS in Berlin in November 2000 and at theUniversity of Tübingen in April 2001, devoted to synchronic and, diachronic aspects of various types of nominalizations. Nominalization has a long history in linguistic research. Its nature can only be captured by taking into account the interface between morphology, syntax and semantics on the one hand, and the interface between semantics and conceptual structure on the other.
We study the descriptional complexity of cellular automata (CA), a parallel model of computation. We show that between one of the simplest cellular models, the realtime-OCA. and "classical" models like deterministic finite automata (DFA) or pushdown automata (PDA), there will be savings concerning the size of description not bounded by any recursive function, a so-called nonrecursive trade-off. Furthermore, nonrecursive trade-offs are shown between some restricted classes of cellular automata. The set of valid computations of a Turing machine can be recognized by a realtime-OCA. This implies that many decidability questions are not even semi decidable for cellular automata. There is no pumping lemma and no minimization algorithm for cellular automata.