Networking Behind the Scenes: Institutional Cross-Industry Holdings and Corporate Loan Markets

The authors thank Victoria Ivashina (editor), the associate editor, and two anonymous referees for valuable suggestions. The paper also benefited from valuable discussions with Tobias Berg, Allen Berger, Murillo Campello, Jaewon Choi, Todd Gormley, Christoph Herpfer, Jiekun Huang, Doron Levit, William Megginson, Nathalie Moyen, Pei Shao, Huan Yang, and conference participants of the 2019 Western Finance Association meetings, the 2019 China International Finance Conference, the 2019 Northern Finance Association meetings, and seminar participants at Kennesaw State University, the Shanghai Advanced Institute of Finance, the University of Sydney Business School, and the University of Texas at Dallas. The authors thank the organizers of the 2020 Financial Intermediation Research Society conference (cancelled) for including the paper in the program.