摘要： 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. Thus, lending exuberances seem to facilitate earlier access to bank debt and, in association with those relationships, subsequent bank borrowing once aggressive lending is corrected.
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