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We examine the association between relationship lending and the likelihood of bank loan covenant violations. We find that relationship lending reduces the probability of ex‐post covenant violations. The length of the lending relationships has an inverted U‐shaped effect on the likelihood of covenant violations. The borrowers and lenders both benefit from relationship lending, but long‐term lending...
We used robust skewness measures to revisit a recent theory that the average asymmetry (measured by the average monthly skewness values across firms) can negatively predict future market returns. Skewness measures employed in previous studies are moment‐based which are normally sensitive to outliers of returns. We thus consider a quantile‐based robust skewness measure and find that the predictive...
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