Determinants of collateral

被引：207

作者：

Jimenez, Gabriel

Salas, Vicente

Saurina, Jesus

机构：

[1] Banco Espana, Madrid 28014, Spain

[2] Univ Zaragoza, E-50009 Zaragoza, Spain

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2006年 / 81卷 / 02期

关键词：

collateral; asymmetric information; relationship banking; competition; business cycle;

D O I：

10.1016/j.jfineco.2005.06.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We estimate a comprehensive model of the determinants of collateral in loans extended to business firms. We use a panel data on a sample of bank loans to Spanish firms from 1984 to 2002. Consistent with theories that view collateral as a solution to adverse selection problems, our results provide direct evidence of a negative association between collateral and a borrower's risk. We also present evidence on previously unexplored determinants of collateral such as credit market competition, lender type, and the business cycle. (c) 2005 Elsevier B.V. All rights reserved.

引用

页码：255 / 281

页数：27

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