Banking during bubbles: What difference does it make on post-bubble lending?

This paper examines the effect of “aggressive” bank lending on subsequent bank relationships. The analysis is based on a unique hand collected dataset of 515 technology and non-technology firms that went public during the 1996-2000 “dotcom” period. It examines the effect of their pre-IPO bank agreements during the subsequent contraction and relaxation of lending standards, a full cycle, up to 2007. Overall, despite the correction of “aggressive” bank lending to technology firms, pre-IPO lending increases the likelihood of post-IPO lending during the rest of the cycle. More specifically, and controlling for operating performance, pre-IPO “dotcom” lending is associated to more numerous larger deals with longer maturity years after. | Banking during bubbles: What difference does it make on post-bubble lending?

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99    67    3    01-05-2024
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