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Using a unique dataset from 17 major banks in China, we investigate whether related firms serve as an alternative information channel. We find that compared with new clients with no related firms, new clients with related firms are less likely to default. And the difference in default rates becomes more pronounced when new clients have multiple related firms or the related firms have intense relationships with the bank. Moreover, this difference increases with new clients’ degree of information asymmetry. Our results suggest that the existing bank-firm relationships from related firms play an important role in the screening process.

The information advantage from existing bank-firm relationships -evidence from new clients’ screening