TY  - UNPD
A1  - Brunner, Antje
A1  - Krahnen, Jan Pieter
T1  - Hold-up in multiple banking: evidence from SME lending
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2010,07
N2  - This paper analyzes loan pricing when there is multiple banking and borrower distress. Using a unique data set on SME lending collected from major German banks, we can instrument for effective coordination between lenders, carrying out a panel estimation. The analysis allows to distinguish between rents that accrue due to single bank lending, rents that accrue due to relationship lending, and rents that accrue due to the elimination of competition among multiple lenders. We find the relationship lending to have no discernible impact on loan spreads, while both single lending and coordinated multiple lending significantly increase the spread. Thus, contrary to predictions in the literature, multiple lending does not insure the borrower against hold-up. JEL Classification: D74, G21, G33, G34
T3  - CFS working paper series - 2010, 07 
KW  - Banking Competition
KW  - Coordination
KW  - Distress
KW  - Credit Spread
KW  - Hold-up
KW  - Deutschland
KW  - Klein- und Mittelbetrieb
KW  - Bankkredit
KW  - Preisbildung
KW  - Preispolitik
Y1  - 2010
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/7901
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-78605
ER  -