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Firm Credit Experience and Perceptions of Lending Policy: Business Survey Evidence from Austria

Listed author(s):
  • Hainz, Christa
  • Fidrmuc, Jarko
  • Hölzl, Werner

Bank lending has been a major concern since the financial crisis. We study the effect of a firm’s own credit market experience on its perceived bank lending policy using the Austrian Business Climate Survey between 2011 and 2014 and. Our results show that firms’ perceptions of aggregate lending policy depend on their individual credit market experience. Only if they get the loan at the expected terms, firms are more likely to perceive the banks’ lending policy positively. Moreover, firms are more likely to update their perceptions during the period in which they need a loan. Our results are in line with theories on sticky information, rational inattention and pessimism bias when forming perceptions.

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File URL: https://www.econstor.eu/bitstream/10419/145863/1/VfS_2016_pid_6954.pdf
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Paper provided by Verein für Socialpolitik / German Economic Association in its series Annual Conference 2016 (Augsburg): Demographic Change with number 145863.

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Date of creation: 2016
Handle: RePEc:zbw:vfsc16:145863
Contact details of provider: Web page: http://www.socialpolitik.org/
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  1. N. Gregory Mankiw & Ricardo Reis, 2002. "Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve," The Quarterly Journal of Economics, Oxford University Press, vol. 117(4), pages 1295-1328.
  2. Camelia M. Kuhnen, 2015. "Asymmetric Learning from Financial Information," Journal of Finance, American Finance Association, vol. 70(5), pages 2029-2062, October.
  3. Lamla, Michael J. & Lein, Sarah M., 2014. "The role of media for consumers’ inflation expectation formation," Journal of Economic Behavior & Organization, Elsevier, vol. 106(C), pages 62-77.
  4. Ricardo Reis, 2006. "Inattentive Producers," Review of Economic Studies, Oxford University Press, vol. 73(3), pages 793-821.
  5. Campello, Murillo & Graham, John R. & Harvey, Campbell R., 2010. "The real effects of financial constraints: Evidence from a financial crisis," Journal of Financial Economics, Elsevier, vol. 97(3), pages 470-487, September.
  6. Ulrike Malmendier & Stefan Nagel, 2011. "Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?," The Quarterly Journal of Economics, Oxford University Press, vol. 126(1), pages 373-416.
  7. Yao-Min Chiang & David Hirshleifer & Yiming Qian & Ann E. Sherman, 2011. "Do Investors Learn from Experience? Evidence from Frequent IPO Investors," Review of Financial Studies, Society for Financial Studies, vol. 24(5), pages 1560-1589.
  8. Ulrike Malmendier & Stefan Nagel, 2016. "Learning from Inflation Experiences," The Quarterly Journal of Economics, Oxford University Press, vol. 131(1), pages 53-87.
  9. Souleles, Nicholas S, 2004. "Expectations, Heterogeneous Forecast Errors, and Consumption: Micro Evidence from the Michigan Consumer Sentiment Surveys," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(1), pages 39-72, February.
  10. Sims, Christopher A., 2003. "Implications of rational inattention," Journal of Monetary Economics, Elsevier, vol. 50(3), pages 665-690, April.
  11. Easaw, Joshy & Ghoshray, Atanu, 2010. "News and households' subjective macroeconomic expectations," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 469-475, March.
  12. repec:hrv:faseco:32193497 is not listed on IDEAS
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