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• 成果类型: Article
• 署名作者: Minnis, Michael; Sutherland, Andrew G.; Vetter, Felix W.
• 署名单位: University of Chicago; Massachusetts Institute of Technology (MIT); University of Mannheim
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2024.101732
• 发表日期: 2024
• 关键词: Bank competition; INFORMATION; credit; covenants; firm; CONTRACTS; decline

摘要

Using a dataset covering 3 million commercial borrower financial statements, we document a substantial, nearly monotonic decline in banks' use of attested financial statements (AFS) in lending over the past two decades. Two market forces help explain this trend. First, technological advances provide lenders with access to a growing array of borrower information sources that can substitute for AFS. Second, banks are increasingly competing with nonbank lenders that rely less on AFS in screening and monitoring. Our results illustrate how technology adoption and changes in credit market structure can render AFS less efficient than alternative information sources for screening and monitoring.