BUSCADOR RECOLECTA

We thank two anonymous referees for their helpful and detailed comments. We would like to acknowledge financial support from the Spanish Ministry of Science and Innovation under the project PID2019–108503RB-I00 , and financial support from the Asturias Regional Government to Research Groups under the project AYUD/2021/50878 (Group of Financial Economics).

Financial support from the Spanish Ministry of Science and Innovation via Projects MCI-20-PID2019-108503RBI00 and PID2022-140940NB-I00 and from the Government of the Principality of Asturias via project (GECOFIN) AYUD/2021/50878 are gratefully acknowledged.

This paper analyses whether repeated borrowing from the same bank affects loan contract terms. We find that relationship loans pay less spread and require less collateral compared to non-relationship loans. These effects for relationship loans are not derived from differences between relationship and nonrelationship loans. The reduction of interest rate spread for relationship loans disappeared during the financial crisis. The results also reveal that borrowers paid higher interest rate spreads, had to post more collateral and the maturity was shortened during the crisis period. The reduction in interest rate spread and collateral depends on the protection of creditors’ rights. In countries where creditors’ rights are well protected, relationship loans pay less spread and are required to post less collateral than relationship loans in countries with weak protection of creditors’ rights., Financial support from the Spanish Ministry of Science and Innovation via Project MCI-20-PID2019–108503RB-I00 and from
Asturias Regional Government via Project AYUD/2021/50878 are gratefully acknowledged.

Pedro J. Cuadros acknowledges financial support from the Spanish Ministry of Science and Innovation, Projects PID2021-128994NA-I00 and TED2021-132896A-100. Elena Cubillas acknowledges financial support from the Spanish Ministry of Science and Innovation, Project

I gratefully acknowledge financial support from the Spanish
Ministry of Science and Innovation under the project PID2019–108503RB-I00, and financial support from the Asturias Regional Government to
Research Groups under the project AYUD/2021/50878 (Group of Financial Economics).