Panel 1 of Table 1 provides characteristics for firms that issue bank loans compared to those that issue corporate bonds. In general, firms that use bank loans are smaller and less leveraged, have a higher market-to-book ratio, and have fewer tangible assets. In addition, firms that use bank loans are less likely to have a credit rating, and those that do, have lower credit ratings. Although firms that use bank loans do not have higher dedicated ownership relative to bond issuers, inferences are more appropriately made from the multivariate framework. Table 1 also shows firm characteristics based on the quintiles of dedicated ownership for firms that borrow from banks (Panel 2) and firms that issue bonds (Panel 3). In both samples, firm size and dedicated ownership have a non-linear relation, with firms in the bottom quintile being the smallest. Some other firm characteristics also exhibit a non-linear relation, e.g., market-to-book ratio and credit rating.