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Other studies on the influence of business collateral have used survey and credit register data to establish this link. They support it with the pre-lending information theory and post-lending incentive theory and find that the latter predominates the former. Thus, we measure observed and unobserved risks on bank lending spreads negotiated over the counter to show the co-existence of both theories. The main findings and robustness tests show that owner guarantees reduce bank lending spreads for safe but not risky firms, supporting the pre-lending information theory rather than the post-lending incentive theory. These findings underscore the role of owner guarantees in allaying the information problems the bank confronts prior to lending.<\/jats:p>","DOI":"10.1007\/s10693-024-00434-w","type":"journal-article","created":{"date-parts":[[2024,7,2]],"date-time":"2024-07-02T00:58:27Z","timestamp":1719881907000},"page":"241-281","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Owner Guarantees, Observed and Unobserved Risks, and Bank Lending Spreads"],"prefix":"10.1007","volume":"68","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-4919-0736","authenticated-orcid":false,"given":"F\u00e1bio Dias","family":"Duarte","sequence":"first","affiliation":[]},{"given":"Ana Paula Matias","family":"Gama","sequence":"additional","affiliation":[]},{"given":"Mohamed Azzim","family":"Gulamhussen","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2024,7,1]]},"reference":[{"issue":"1","key":"434_CR1","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1111\/jofi.12182","volume":"70","author":"VV Acharya","year":"2015","unstructured":"Acharya VV, Mora N (2015) A crisis of banks as liquidity providers. 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