{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,10]],"date-time":"2026-02-10T19:54:05Z","timestamp":1770753245688,"version":"3.50.0"},"reference-count":44,"publisher":"Cambridge University Press (CUP)","issue":"6","license":[{"start":{"date-parts":[[2016,2,24]],"date-time":"2016-02-24T00:00:00Z","timestamp":1456272000000},"content-version":"unspecified","delay-in-days":85,"URL":"https:\/\/www.cambridge.org\/core\/terms"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["J. Financ. Quant. Anal."],"published-print":{"date-parts":[[2015,12]]},"abstract":"<jats:title>Abstract<\/jats:title><jats:p>We study the transmission of bank distress to nonfinancial firms from 34 countries during the 2007\u20132009 financial crisis using systemic and bank-specific shocks. We find that bank distress is associated with equity valuation losses and investment cuts to borrower firms with the strongest lending relationships with banks. The losses are not offset by borrowers\u2019 access to public debt markets and are concentrated in firms with the greatest information asymmetry problems and weakest financial positions. Our findings suggest that public debt markets do not mitigate the effects of relationship bank distress during financial crises.<\/jats:p>","DOI":"10.1017\/s0022109015000551","type":"journal-article","created":{"date-parts":[[2016,2,24]],"date-time":"2016-02-24T21:20:29Z","timestamp":1456348829000},"page":"1165-1197","source":"Crossref","is-referenced-by-count":88,"title":["Lending Relationships and the Effect of Bank Distress: Evidence from the 2007\u20132009 Financial Crisis"],"prefix":"10.1017","volume":"50","author":[{"given":"Daniel","family":"Carvalho","sequence":"first","affiliation":[]},{"given":"Miguel A.","family":"Ferreira","sequence":"additional","affiliation":[]},{"given":"Pedro","family":"Matos","sequence":"additional","affiliation":[]}],"member":"56","published-online":{"date-parts":[[2016,2,24]]},"reference":[{"key":"S0022109015000551_ref35","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1994.tb04418.x"},{"key":"S0022109015000551_ref42","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1993.tb04708.x"},{"key":"S0022109015000551_ref18","doi-asserted-by":"publisher","DOI":"10.1086\/261775"},{"key":"S0022109015000551_ref36","doi-asserted-by":"publisher","DOI":"10.2307\/2118445"},{"key":"S0022109015000551_ref21","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2011.01711.x"},{"key":"S0022109015000551_ref38","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1992.tb04662.x"},{"key":"S0022109015000551_ref30","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1413"},{"key":"S0022109015000551_ref20","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhj003"},{"key":"S0022109015000551_ref26","volume-title":"Stocks, Bonds, Bills, and Inflation: 2009 Yearbook","year":"2009"},{"key":"S0022109015000551_ref3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2013.10.002"},{"key":"S0022109015000551_ref24","doi-asserted-by":"publisher","DOI":"10.1162\/003355397555316"},{"key":"S0022109015000551_ref29","first-page":"78","article-title":"\u201cMonetary Policy and Credit Conditions: Evidence from the Composition of External Finance.\u201d","volume":"83","author":"Kashyap","year":"1993","journal-title":"American Economic Review"},{"key":"S0022109015000551_ref32","first-page":"2013","article-title":"\u201cBank Loan Supply, Lender Choice and Corporate Capital Structure.\u201d","volume":"63","author":"Leary","year":"2008","journal-title":"Journal of Finance"},{"key":"S0022109015000551_ref10","doi-asserted-by":"publisher","DOI":"10.1257\/000282803322157188"},{"key":"S0022109015000551_ref8","first-page":"1165","article-title":"\u201cReputation and Discretion in Financial Contracting.\u201d","volume":"83","author":"Boot","year":"1993","journal-title":"American Economic Review"},{"key":"S0022109015000551_ref1","doi-asserted-by":"publisher","DOI":"10.1561\/104.00000001"},{"key":"S0022109015000551_ref34","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2008.01393.x"},{"key":"S0022109015000551_ref15","doi-asserted-by":"publisher","DOI":"10.1006\/jfin.2000.0298"},{"key":"S0022109015000551_ref5","unstructured":"Bernanke B . \u201cThe Financial Accelerator and the Credit Channel.\u201d Presented at the Credit Channel of Monetary Policy in the 21st Century Conference, Federal Reserve Bank of Atlanta, Atlanta, GA (2007)."},{"key":"S0022109015000551_ref19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2009.12.008"},{"key":"S0022109015000551_ref14","doi-asserted-by":"publisher","DOI":"10.1111\/1540-6261.00528"},{"key":"S0022109015000551_ref6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2005.08.003"},{"key":"S0022109015000551_ref37","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2010.12.001"},{"key":"S0022109015000551_ref7","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhp064"},{"key":"S0022109015000551_ref17","doi-asserted-by":"publisher","DOI":"10.2307\/2297430"},{"key":"S0022109015000551_ref27","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2009.12.001"},{"key":"S0022109015000551_ref23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2011.03.016"},{"key":"S0022109015000551_ref25","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(90)90021-Q"},{"key":"S0022109015000551_ref41","first-page":"1069","article-title":"\u201cAsymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationships.\u201d","volume":"45","author":"Sharpe","year":"1990","journal-title":"Journal of Finance"},{"key":"S0022109015000551_ref12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2010.08.006"},{"key":"S0022109015000551_ref40","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2012.01737.x"},{"key":"S0022109015000551_ref44","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2010.03.011"},{"key":"S0022109015000551_ref31","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(01)00082-4"},{"key":"S0022109015000551_ref2","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(02)00075-2"},{"key":"S0022109015000551_ref16","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00243"},{"key":"S0022109015000551_ref28","doi-asserted-by":"publisher","DOI":"10.2307\/2118414"},{"key":"S0022109015000551_ref11","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhq131"},{"key":"S0022109015000551_ref13","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2008.01379.x"},{"key":"S0022109015000551_ref22","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhs076"},{"key":"S0022109015000551_ref33","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(02)00232-5"},{"key":"S0022109015000551_ref9","doi-asserted-by":"publisher","DOI":"10.1257\/jep.23.1.77"},{"key":"S0022109015000551_ref43","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2007.01219.x"},{"key":"S0022109015000551_ref4","first-page":"257","article-title":"\u201cNonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression.\u201d","volume":"73","author":"Bernanke","year":"1983","journal-title":"American Economic Review"},{"key":"S0022109015000551_ref39","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhq115"}],"container-title":["Journal of Financial and Quantitative Analysis"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.cambridge.org\/core\/services\/aop-cambridge-core\/content\/view\/S0022109015000551","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2019,4,20]],"date-time":"2019-04-20T01:38:52Z","timestamp":1555724332000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.cambridge.org\/core\/product\/identifier\/S0022109015000551\/type\/journal_article"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2015,12]]},"references-count":44,"journal-issue":{"issue":"6","published-print":{"date-parts":[[2015,12]]}},"alternative-id":["S0022109015000551"],"URL":"https:\/\/doi.org\/10.1017\/s0022109015000551","relation":{},"ISSN":["0022-1090","1756-6916"],"issn-type":[{"value":"0022-1090","type":"print"},{"value":"1756-6916","type":"electronic"}],"subject":[],"published":{"date-parts":[[2015,12]]}}}