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Credit rationing and capital structure: a survey of empirical studies

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  • Valentini, L.

Abstract

This survey is part of a project on The Financial Implications of Environmental Legislation. The purpose of it is to see how the problem of credit rationing, according to borrowers' characteristics, has been empirically estimated in some literature. The survey considers first allocation of credit from the lenders' side, and second demand of credit from the borrowers' side. Both commercial and consumers' loan markets have been considered. For commercial loan the availability of data made it possible to build up more appropriate models, providing a positive answer to the question whether borrowers are discriminated according to their characteristics. The same has not been possible for the commercial loan market, mainly because data on this are scarce. This made modelling of firms' and banks' behaviour more unsatisfactory.

Suggested Citation

  • Valentini, L., 1999. "Credit rationing and capital structure: a survey of empirical studies," Discussion Paper Series In Economics And Econometrics 9905, Economics Division, School of Social Sciences, University of Southampton.
  • Handle: RePEc:stn:sotoec:9905
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    Cited by:

    1. Ulph, Alistair & Valentini, Laura, 2000. "Environmental liability and the capital structure of firms," Discussion Paper Series In Economics And Econometrics 0036, Economics Division, School of Social Sciences, University of Southampton.
    2. Ulph, Alistair & Valentini, Laura, 2004. "Environmental liability and the capital structure of firms," Resource and Energy Economics, Elsevier, vol. 26(4), pages 393-410, December.

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