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Does Product Market Competition Increase Credit Availability?

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Author Info

  • Cerasi Vittoria

    ()
    (Universita degli Studi di Milano-Bicocca)

  • Fedele Alessandro

    ()
    (Università degli Studi di Brescia)

Abstract

With asymmetric information between investors and firms, credit availability is affected by the resale value of collateralized productive assets. If liquidation occurs, investors recover a greater value the higher the probability to find a buyer and the higher his willingness to pay to use the assets for production. We extend the idea of complementarities among firms in the same industry (as in Shleifer and Vishny, 1992) to study under which conditions credit availability is enhanced by competition in the product market when assets are industry specific.

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File URL: http://www.degruyter.com/view/j/bejeap.2011.11.issue-1/bejeap.2011.11.1.2916/bejeap.2011.11.1.2916.xml?format=INT
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Bibliographic Info

Article provided by De Gruyter in its journal The B.E. Journal of Economic Analysis & Policy.

Volume (Year): 11 (2011)
Issue (Month): 1 (July)
Pages: 1-27

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Handle: RePEc:bpj:bejeap:v:11:y:2011:i:1:n:41

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Web page: http://www.degruyter.com

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Cited by:
  1. Vittoria Cerasi & Alessandro Fedele & Raffaele Miniaci, 2013. "Product market competition and collateralized debt," Working Papers 238, University of Milano-Bicocca, Department of Economics, revised Mar 2013.

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