Results 51 to 60 of about 1,293 (200)

How Do Banks Pick Safer Ventures? A Theory Relating the Importance of Risk Aversion and Collateral to Interest Margins and Credit Rationing

The Journal of Entrepreneurial Finance, 2003
The paper augments the asymmetric information literature on bank lending to new ventures by focusing on the more neglected area of moral hazard; specifically the relationship between risk aversion, an entrepreneur?s wealth and the provision of collateral.
Andrew E. Burke, Aoife Hanley
doaj   +1 more source

Is the rent too high? Land ownership and monopoly power

Real Estate Economics, EarlyView.
Abstract Pricing power in real estate markets can reduce housing supply and redevelopment relative to the social optimum. We show how pricing power interacts with popular redevelopment subsidies and zoning regulations. Using building‐level rental income data from NYC, we find that increased concentration is correlated with increased rents.
C. Luke Watson, Oren Ziv
wiley   +1 more source

The policy adjacent: How affordable housing generates policy feedback among neighboring residents

American Journal of Political Science, EarlyView.
Abstract While scholars have documented feedback effects among a policy's direct winners and losers, less is known about whether such effects can occur among the indirectly affected—“the policy adjacent.” Using 458 geocoded housing developments built between two nearly identical statewide ballot propositions funding affordable housing in California, we
Michael Hankinson, Asya Magazinnik, Melissa Sands   +2 more
wiley   +1 more source

Asymmetric Information and Credit Rationing in a Model of Search

Games
This paper presents a competitive search model focusing on the impact of asymmetric information on credit markets. We show that limited entry by lenders results in endogenous credit rationing, which, in turn, plays a key role in managing adverse ...
Cemil Selcuk
doaj   +1 more source

Access to Credit and Employment Liquidation. Firm‐Level Evidence From Eastern and Central Europe (2001–2007)

Economics of Transition and Institutional Change, EarlyView.
ABSTRACT This article investigates the changes in the structure of employment in Central and Eastern European firms between 2001 and 2007, before the Global Financial Crisis and following the reforms in the labour and credit markets in these economies.
Elisabetta Magnani
wiley   +1 more source

Choosing not to borrow: Imprinting effects of informality on firms’ credit self-rationing

Borsa Istanbul Review
While firm financing constraints have been widely studied, limited attention has been paid to credit self-rationing. Based on the imprinting hypothesis and firm-level data from 30 countries, this study finds that informal experience significantly ...
Wenwen Jin
doaj   +1 more source

The many prices of war and occupation: Black markets and the cost‐of‐living index in France, 1938–1949

The Economic History Review, EarlyView.
Abstract When studying French prices between 1938 and 1949, economists and historians face a paradox: whilst a vast black market shaped daily life, official indices recorded only state‐controlled prices. This article addresses the issue by introducing a new consumer price index that incorporates both official and black market prices.
Patrice Baubeau, Matéo Teixeira
wiley   +1 more source

The Bank Financing of Small Unlisted Firms in the UK: An Analysis of Recent Conflicts

The Journal of Entrepreneurial Finance, 1995
This paper examines the characteristics of UK small firm bank finance and the causes of the frequently strained relationship between small firms and banks in the UK. Debt, credit rationing, and call option problems under the UK system are examined.
Kevin Keasey, Robert Watson
doaj   +1 more source

The Liquidity Sprint: Short‐Term Cash Needs and Access to Credit

European Financial Management, EarlyView.
ABSTRACT We identify the causal drivers of the COVID‐19 ‘dash‐for‐cash’ in Europe using a hand‐collected panel of Euro‐area firms (2018‐Q4–2020‐Q3). Exploiting regional infection intensity as an instrument, we find that a one‐unit EBITDA decline raised credit‐line utilization by 15.5 percentage points in 2020‐Q2. Unlike the US ‘fallen‐angel’ narrative,
Mario Cerrato, Shengfeng Mei, Hormoz Ramian   +2 more
wiley   +1 more source

Bad loan build-up in India: A reflection of soft budget constraints

Modern Finance
This paper analyses the non-performing assets (NPA) crisis in the Indian banking system from the perspective of soft budget constraints. Using a panel dataset of 105 publicly listed firms, it explores the relationship between NPAs and bank lending ...
Dilawar Ahmad Bhat, Udayan Chanda, Anil K. Bhat   +2 more
doaj   +1 more source