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WORKING PAPER SERIES NO 1395 / NOVEMBER 2011: ON THE IMPORTANCE OF PRIOR RELATIONSHIPS IN BANK LOANS TO RETAIL CUSTOMERS

Expansion of cultivated area seems unlikely to slow. Population growth, rising incomes, and urbanization will continue to drive demand growth for some food products, especially oilseed and livestock, and related demands for feed and industrial products. A conservative estimate is that, in developing countries, 6 million ha of additional land will be brought into production each year to 2030. Two-thirds of this expansion will be in Sub-Saharan Africa and Latin America, where potential farmland is most plentiful. At the same time, in many countries that are of interest to investors productivity on cur- rently cultivated land is only a fraction of what could be achieved. Concerted efforts to allow. | EUROPEAN CENTRAL BANK EUROSYSTEM ECB LAMFALUSSY FELLOWSHIP PROGRAMME WORKING PAPER SERIES NO 1395 I NOVEMBER 2011 ON THE IMPORTANCE OF PRIOR RELATIONSHIPS IN BANK LOANS TO RETAIL CUSTOMERS by Manju Puri Jorg Rocholl and Sascha Steffen EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1395 I NOVEMBER 2011 ECB LAMFALUSSY FELLOWSHIP PROGRAMME ON THE IMPORTANCE OF PRIOR RELATIONSHIPS IN BANK LOANS TO RETAIL CUSTOMERS 1 by Manju Puri 2 3 Jorg Rocholl 3 and Sascha Steffen 4 NOTE This Working Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. In 2011 all ECB publications feature a motif taken from the 100 banknote. This paper can be downloaded without charge from http www.ecb.europa.eu or from the Social Science Research Network electronic library at http ssrn.com abstract_id 1572673. 1 We thank the Deutscher Sparkassen- und Giroverband DSGV for providing us with the data. Sascha Steffen s contribution to the paper has been prepared under the Lamfalussy Fellowship Program sponsored by the European Central Bank. We thank Rebel Cole Hans Degryse Valeriya Dinger Radhakrishnan Gopalan Reint Gropp David Musto Lars Norden Martin Weber Vijay Yeramilli participants at the EFA 20Ì0 Frankfurt meeting the FDIC-JFSR Bank Research Conference the FMA 20Ì0 meeting the CAREFIN 20Ì0 Conference at Bocconi the German Finance Association Meeting DGF and seminar participants at Drexel University Erasmus University Rotterdam Georgia Tech University University of Cologne University of Mannheim and University of Michigan for comments and suggestions. 2 Duke University Durham NC27708 USA and NBER e-mail mpuri@duke.edu. 3 European School of Management and Technology Schlobplatz Ì 10178 Berlin Germany e-mail rocholl@esmt.org. 4 University of Mannheim L 2 68131 Mannheim Germany e-mail steffen@bank.bwl.uni-mannheim.de. Lamfalussy Fellowships This paper has been .