Is relationship lending special? Evidence from credit-file data in Germany

摘要: Abstract The German financial market is often characterized as a bank-based system with strong bank–customer relationships. corresponding notion of housebank closely related to the theoretical idea relationship lending. It objective this paper provide direct comparison between housebanks and “normal” banks their credit policy. Therefore, we analyze new data set, representing random sample borrowers drawn from portfolios five leading over period years. We use credit-file rather than industry survey and, thus, focus analysis on information that directly actual decisions. In particular, bank-internal borrower rating evaluate quality, bank’s own assessment its status control for information-intensive major results our study support view are able establish distinct behavioral pattern consistent long-term commitment. find do liquidity insurance in situations unexpected deterioration ratings. With respect loan pricing, no evidence intra- or intertemporal price differentiation housebanking.