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Evaluating guarantee fees for loans to small and medium-sized enterprises

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  • Chau-Jung Kuo
  • Chin-Ming Chen
  • Chao-Hsien Sung

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  • Chau-Jung Kuo & Chin-Ming Chen & Chao-Hsien Sung, 2011. "Evaluating guarantee fees for loans to small and medium-sized enterprises," Small Business Economics, Springer, vol. 37(2), pages 205-218, September.
    • Handle: RePEc:kap:sbusec:v:37:y:2011:i:2:p:205-218
    DOI: 10.1007/s11187-009-9236-0
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    References listed on IDEAS

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    1. Cowling, Marc, 1995. "Initial Tests on the Sensitivity of the Parameters of the UK Loan Guarantee Scheme," Public Finance = Finances publiques, , vol. 50(3), pages 356-370.
    2. Ben R. Craig & William E. Jackson & James B. Thomson, 2004. "On SBA-guaranteed lending and economic growth," Working Papers (Old Series) 0403, Federal Reserve Bank of Cleveland.
    3. Robert A. Jarrow & David Lando & Stuart M. Turnbull, 2008. "A Markov Model for the Term Structure of Credit Risk Spreads," World Scientific Book Chapters, in: Financial Derivatives Pricing Selected Works of Robert Jarrow, chapter 18, pages 411-453, World Scientific Publishing Co. Pte. Ltd..
    4. Longstaff, Francis A & Schwartz, Eduardo S, 1995. "A Simple Approach to Valuing Risky Fixed and Floating Rate Debt," Journal of Finance, American Finance Association, vol. 50(3), pages 789-819, July.
    5. Merton, Robert C, 1974. "On the Pricing of Corporate Debt: The Risk Structure of Interest Rates," Journal of Finance, American Finance Association, vol. 29(2), pages 449-470, May.
    6. Cowling, Marc & Clay, Nick, 1995. "Factors Influencing Take-Up Rates on the Loan Guarantee Scheme," Small Business Economics, Springer, vol. 7(2), pages 141-152, April.
    7. Meghana Ayyagari & Thorsten Beck & Asli Demirguc-Kunt, 2007. "Small and Medium Enterprises Across the Globe," Small Business Economics, Springer, vol. 29(4), pages 415-434, December.
    8. Black, Fischer & Cox, John C, 1976. "Valuing Corporate Securities: Some Effects of Bond Indenture Provisions," Journal of Finance, American Finance Association, vol. 31(2), pages 351-367, May.
    9. Riding, Allan L. & HainesJR., George, 2001. "Loan guarantees: Costs of default and benefits to small firms," Journal of Business Venturing, Elsevier, vol. 16(6), pages 595-612, November.
    10. Chunsheng Zhou, 1997. "A jump-diffusion approach to modeling credit risk and valuing defaultable securities," Finance and Economics Discussion Series 1997-15, Board of Governors of the Federal Reserve System (U.S.).
    11. Ben R. Craig & William E. Jackson & James B. Thomson, 2005. "SBA-loan guarantees and local economic growth," Working Papers (Old Series) 0503, Federal Reserve Bank of Cleveland.
    12. Jonkhart, Marius J. L., 1979. "On the term structure of interest rates and the risk of default : An analytical approach," Journal of Banking & Finance, Elsevier, vol. 3(3), pages 253-262, September.
    13. Su-Lien Lu & Chau-Jung Kuo, 2005. "How to gauge the credit risk of guarantee issues in a Taiwanese bills finance company: an empirical investigation using a market-based approach," Applied Financial Economics, Taylor & Francis Journals, vol. 15(16), pages 1153-1164.
    14. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    15. In Joon Kim & Krishna Ramaswamy & Suresh Sundaresan, "undated". "The Valuation of Corporate Fixed Income Securities," Rodney L. White Center for Financial Research Working Papers 32-89, Wharton School Rodney L. White Center for Financial Research.
    16. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-654, May-June.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. José Martí & Anita Quas, 2018. "A beacon in the night: government certification of SMEs towards banks," Small Business Economics, Springer, vol. 50(2), pages 397-413, February.
    2. Hana Kim & Eungdo Kim, 2018. "How an Open Innovation Strategy for Commercialization Affects the Firm Performance of Korean Healthcare IT SMEs," Sustainability, MDPI, vol. 10(7), pages 1-14, July.
    3. Philippe Van Cauwenberge & Heidi Vander Bauwhede & Bilitis Schoonjans, 2013. "An Evaluation of Public Spending: The Effectiveness of a Government-Supported Networking Program in Flanders," Environment and Planning C, , vol. 31(1), pages 24-38, February.
    4. Li, Jiaming & Lin, Xiaohua, 2017. "Assessing credit guarantee companies in China: Applying a new framework," China Economic Review, Elsevier, vol. 44(C), pages 98-111.
    5. Song, Pengcheng & Zhang, Hai & Zhao, Qin, 2021. "Innovative Credit Guarantee Schemes with equity-for-guarantee swaps," International Review of Financial Analysis, Elsevier, vol. 77(C).
    6. Fabio Pizzutilo & Francesco Cal, 2015. "Loan Guarantees: An Option Pricing Theory Perspective," International Journal of Economics and Financial Issues, Econjournals, vol. 5(4), pages 905-909.
    7. Elisabeth Bustos-Contell & Gregorio Labatut-Serer & Samuel Ribeiro-Navarrete & Salvador Climent-Serrano, 2019. "Beyond Subsidies: A Study of Sustainable Public Subordinated Debt in Spain," Sustainability, MDPI, vol. 11(4), pages 1-7, February.
    8. Bertoni, Fabio & Colombo, Massimo G. & Quas, Anita, 2023. "The long-term effects of loan guarantees on SME performance," Journal of Corporate Finance, Elsevier, vol. 80(C).

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    More about this item

    Keywords

    Credit guarantee; Market-based; Risk neutral; Actuarial pricing theory; G21; C51; C61; L26;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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