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Competitive Equilibrium in the Credit Market under Asymmetric Information

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Cited by:

  1. Yuanyuan Li & Bertrand Wigniolle, 2016. "Endogenous information revelation in a competitive credit market and credit crunch," Post-Print halshs-01277539, HAL.
  2. Perez, Stephen J., 1998. "Testing for Credit Rationing: An Application of Disequilibrium Econometrics," Journal of Macroeconomics, Elsevier, vol. 20(4), pages 721-739, October.
  3. N. Berger, Allen & F. Udell, Gregory, 1998. "The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 613-673, August.
  4. Schmidt-Mohr, Udo, 1997. "Rationing versus collateralization in competitive and monopolistic credit markets with asymmetric information," European Economic Review, Elsevier, vol. 41(7), pages 1321-1342, July.
  5. Song Han, 2004. "Discrimination in Lending: Theory and Evidence," The Journal of Real Estate Finance and Economics, Springer, vol. 29(1), pages 5-46, July.
  6. Alberto Martin, 2008. "Adverse selection, credit and efficiency: The case of the missing market," Economics Working Papers 1085, Department of Economics and Business, Universitat Pompeu Fabra, revised Sep 2009.
  7. Chakraborty, Atreya & Hu, Charles X., 2006. "Lending relationships in line-of-credit and nonline-of-credit loans: Evidence from collateral use in small business," Journal of Financial Intermediation, Elsevier, vol. 15(1), pages 86-107, January.
  8. Dai, Na & Ivanov, Vladimir & Cole, Rebel A., 2017. "Entrepreneurial optimism, credit availability, and cost of financing: Evidence from U.S. small businesses," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 289-307.
  9. Smith, David C., 2003. "Loans to Japanese borrowers," Journal of the Japanese and International Economies, Elsevier, vol. 17(3), pages 283-304, September.
  10. Michael Manove & A. Jorge Padilla & Marco Pagano, 1998. "Collateral vs. Project Screening: A Model of Lazy Banks," CSEF Working Papers 10, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  11. Dan Bernhardt, 2000. "Credit Rationing?," American Economic Review, American Economic Association, vol. 90(1), pages 235-239, March.
  12. José Miguel Benavente & Alexander Galetovic & Ricardo Sanhueza, 2005. "La dinámica industrial y el financiamiento de las pyme," Documentos de Trabajo 201, Centro de Economía Aplicada, Universidad de Chile.
  13. Ogawa, Kazuo & Suzuki, Kazuyuki, 2000. "Demand for Bank Loans and Investment under Borrowing Constraints: A Panel Study of Japanese Firm Data," Journal of the Japanese and International Economies, Elsevier, vol. 14(1), pages 1-21, March.
  14. Anagnostopoulou, Seraina C. & Drakos, Konstantinos, 2016. "Bank loan terms and conditions: Is there a macro effect?," Research in International Business and Finance, Elsevier, vol. 37(C), pages 269-282.
  15. Li, Yuanyuan & Wigniolle, Bertrand, 2017. "Endogenous information revelation in a competitive credit market and credit crunch," Journal of Mathematical Economics, Elsevier, vol. 68(C), pages 127-141.
  16. Marc Cowling & Susan Marlow & Weixi Liu, 0. "Gender and bank lending after the global financial crisis: are women entrepreneurs safer bets?," Small Business Economics, Springer, vol. 0, pages 1-28.
  17. Benmelech, Efraim & Bergman, Nittai K., 2009. "Collateral pricing," Journal of Financial Economics, Elsevier, vol. 91(3), pages 339-360, March.
  18. Mikhail Drugov & Rocco Macchiavello, 2014. "Financing Experimentation," American Economic Journal: Microeconomics, American Economic Association, vol. 6(1), pages 315-349, February.
  19. Fang, Yiwei & Francis, Bill & Hasan, Iftekhar & Wang, Haizhi, 2012. "Product market relationships and cost of bank loans: Evidence from strategic alliances," Journal of Empirical Finance, Elsevier, vol. 19(5), pages 653-674.
  20. Inderst, Roman & Mueller, Holger M., 2007. "A lender-based theory of collateral," Journal of Financial Economics, Elsevier, vol. 84(3), pages 826-859, June.
  21. Thakor, Anjan V., 2020. "Fintech and banking: What do we know?," Journal of Financial Intermediation, Elsevier, vol. 41(C).
  22. Niinimäki, J.-P., 2011. "Nominal and true cost of loan collateral," Journal of Banking & Finance, Elsevier, vol. 35(10), pages 2782-2790, October.
  23. Viktoria Baklanova & Cecilia Caglio & Marco Cipriani & Adam Copeland, 2019. "The Use of Collateral in Bilateral Repurchase and Securities Lending Agreements," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 228-249, July.
  24. Thakor, Anjan V., 1993. "Information, Investment Horizon, and Price Reactions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 28(4), pages 459-482, December.
  25. Kalyvas, Antonios Nikolaos & Mamatzakis, Emmanuel, 2014. "Does business regulation matter for banks in the European Union?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 32(C), pages 278-324.
  26. Robin Boadway & Nicolas Marceau & Maurice Marchand & Marianne Vigneault, 1998. "Entrepreneurship, Asymmetric Information, and Unemployment," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 5(3), pages 307-327, July.
  27. Christophe J. Godlewski & Bulat Sanditov, 2018. "Financial Institutions Network and the Certification Value of Bank Loans," Financial Management, Financial Management Association International, vol. 47(2), pages 253-283, June.
  28. Longhofer, Stanley D., 1997. "Absolute Priority Rule Violations, Credit Rationing, and Efficiency," Journal of Financial Intermediation, Elsevier, vol. 6(3), pages 249-267, July.
  29. Thakor, Anjan V. & Udell, Gregory F., 1987. "An economic rationale for the pricing structure of bank loan commitments," Journal of Banking & Finance, Elsevier, vol. 11(2), pages 271-289, June.
  30. Martin, Alberto & Taddei, Filippo, 2013. "International capital flows and credit market imperfections: A tale of two frictions," Journal of International Economics, Elsevier, vol. 89(2), pages 441-452.
  31. Berger, Allen N. & Scott Frame, W. & Ioannidou, Vasso, 2011. "Tests of ex ante versus ex post theories of collateral using private and public information," Journal of Financial Economics, Elsevier, vol. 100(1), pages 85-97, April.
  32. Jimenez, Gabriel & Saurina, Jesus, 2004. "Collateral, type of lender and relationship banking as determinants of credit risk," Journal of Banking & Finance, Elsevier, vol. 28(9), pages 2191-2212, September.
  33. António Pedro Soares Pinto & Mário Gomes Augusto & Pedro M. Gama, 2010. "Bank Relationships And Corporate Governance: A Survey Of The Literature From The Perspective Of Smes," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 0(1), pages 65-85.
  34. Allen Berger & Gregory Udell, 1994. "Lines of Credit and Relationship Lending in Small Firm Finance," Center for Financial Institutions Working Papers 94-11, Wharton School Center for Financial Institutions, University of Pennsylvania.
  35. Mikhail Drugov & Rocco Macchiavello, 2014. "Financing Experimentation," American Economic Journal: Microeconomics, American Economic Association, vol. 6(1), pages 315-349, February.
  36. Kislat, Carmen & Menkhoff, Lukas & Neuberger, Doris, 2013. "The use of collateral in formal and informal lending," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79765, Verein für Socialpolitik / German Economic Association.
  37. Dietmar Harhoff, 1998. "Are there Financing Constraints for R&D and Investment in German Manufacturing Firms," Annals of Economics and Statistics, GENES, issue 49-50, pages 421-456.
  38. Baah A. Kusi & Elikplimi K. Agbloyor & Agyapomaa Gyeke-Dako & Simplice A. Asongu, 2020. "Financial Sector Transparency and Net Interest Margins: Should the Private or Public Sector lead Financial Sector Transparency?," Research Africa Network Working Papers 20/028, Research Africa Network (RAN).
  39. Jimenez, Gabriel & Salas, Vicente & Saurina, Jesus, 2006. "Determinants of collateral," Journal of Financial Economics, Elsevier, vol. 81(2), pages 255-281, August.
  40. Sengupta, Rajdeep, 2007. "Foreign entry and bank competition," Journal of Financial Economics, Elsevier, vol. 84(2), pages 502-528, May.
  41. Taddei, Filippo, 2018. "Financial frictions, international capital flows and welfare," Working Paper Series 2167, European Central Bank.
  42. Ordoñez, Guillermo & Perez-Reyna, David & Yogo, Motohiro, 2019. "Leverage dynamics and credit quality," Journal of Economic Theory, Elsevier, vol. 183(C), pages 183-212.
  43. Kritikos Alexander & Kneiding Christoph & Germelmann Claas Christian, 2009. "Demand Side Analysis of Microlending Markets in Germany," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 229(5), pages 523-543, October.
  44. Hernán Ortiz-Molina & María Penas, 2008. "Lending to small businesses: the role of loan maturity in addressing information problems," Small Business Economics, Springer, vol. 30(4), pages 361-383, April.
  45. Freixas, Xavier & Loranth, Gyongyi & Morrison, Alan D., 2007. "Regulating financial conglomerates," Journal of Financial Intermediation, Elsevier, vol. 16(4), pages 479-514, October.
  46. Leonardo Becchetti & Melody Garcia, 2008. "Do collateral theories work in social banking ?," CEIS Research Paper 131, Tor Vergata University, CEIS, revised 07 Nov 2008.
  47. Maggie Rong Hu & Xiaoyang Li & Yang Shi, 2019. "Adverse Selection and Credit Certificates: Evidence from a P2P Platform," Working Papers id:13038, eSocialSciences.
  48. Hidalgo Cabrillana, Ana, 2009. "Endogenous capital market imperfections, human capital, and intergenerational mobility," Journal of Development Economics, Elsevier, vol. 90(2), pages 285-298, November.
  49. Parker, Simon C, 2002. "Do Banks Ration Credit to New Enterprises? And Should Governments Intervene? President's Lecture Delivered at the Annual General Meeting of the Scottish Economic Society 4-5 September 2001," Scottish Journal of Political Economy, Scottish Economic Society, vol. 49(2), pages 162-195, May.
  50. Peter Hennecke & Doris Neuberger & Dirk Ulbricht, 2019. "The economic and fiscal benefits of guarantee banks in Germany," Small Business Economics, Springer, vol. 53(3), pages 771-794, October.
  51. Caserta, Maurizio & Monteleone, Simona & Reito, Francesco, 2018. "The trade-off between profitability and outreach in microfinance," Economic Modelling, Elsevier, vol. 72(C), pages 31-41.
  52. Anjan V. Thakor, 2004. "Capital Requirements, Monetary Policy, and Aggregate Bank," Finance 0411027, University Library of Munich, Germany.
  53. Kraus, Daniel, 2010. "When do we have borrower or credit volume rationing in competitive credit market with imperfect information?," Thuenen-Series of Applied Economic Theory 117, University of Rostock, Institute of Economics.
  54. Martin, Alberto, 2009. "A model of collateral, investment, and adverse selection," Journal of Economic Theory, Elsevier, vol. 144(4), pages 1572-1588, July.
  55. Coco, Giuseppe, 1999. "Collateral, heterogeneity in risk attitude and the credit market equilibrium," European Economic Review, Elsevier, vol. 43(3), pages 559-574, March.
  56. Andrew E. Burke & Aoife Hanley, 2003. "How Do Banks Pick Safer Ventures? A Theory Relating the Importance of Risk Aversion and Collateral to Interest Margins and Credit Rationing," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 8(2), pages 13-24, Summer.
  57. Tas, Bedri Kamil Onur & Togay, Selahattin, 2010. "Optimal monetary policy regime for oil producing developing economies: Implications for post-war Iraq," Economic Modelling, Elsevier, vol. 27(5), pages 1324-1336, September.
  58. Filippo Taddei, 2013. "International Capital Flows, Financial Frictions and Welfare," 2013 Meeting Papers 1160, Society for Economic Dynamics.
  59. Brick, Ivan E. & Palia, Darius, 2007. "Evidence of jointness in the terms of relationship lending," Journal of Financial Intermediation, Elsevier, vol. 16(3), pages 452-476, July.
  60. Chen, Anlin & Kao, Lanfeng, 2011. "Effect of collateral characteristics on bank performance: Evidence from collateralized stocks in Taiwan," Journal of Banking & Finance, Elsevier, vol. 35(2), pages 300-309, February.
  61. Derviz, Alexis, 2013. "Bubbles, bank credit and macroprudential policies," Working Paper Series 1551, European Central Bank.
  62. Joseph E. Stiglitz & Andrew Weiss, 1987. "Macro-Economic Equilibrium and Credit Rationing," NBER Working Papers 2164, National Bureau of Economic Research, Inc.
  63. Elisa Ughetto & Giuseppe Scellato & Marc Cowling, 2017. "Cost of capital and public loan guarantees to small firms," Small Business Economics, Springer, vol. 49(2), pages 319-337, August.
  64. Ioannidou, Vasso P. & Penas, María Fabiana, 2010. "Deposit insurance and bank risk-taking: Evidence from internal loan ratings," Journal of Financial Intermediation, Elsevier, vol. 19(1), pages 95-115, January.
  65. Ofer, Aharon R & Thakor, Anjan V, 1987. "A Theory of Stock Price Responses to Alternative Corporate Cash Disbursement Methods: Stock Repurchases and Dividends," Journal of Finance, American Finance Association, vol. 42(2), pages 365-394, June.
  66. Safavian, Mehnaz & Sharma, Siddharth, 2007. "When do creditor rights work?," Journal of Comparative Economics, Elsevier, vol. 35(3), pages 484-508, September.
  67. Hanson, Samuel G. & Sunderam, Adi, 2013. "Are there too many safe securities? Securitization and the incentives for information production," Journal of Financial Economics, Elsevier, vol. 108(3), pages 565-584.
  68. S. Viswanathan & Adriano A. Rampini, 2008. "Collateral, Financial Intermediation, and the Distribution of Debt Capacity," 2008 Meeting Papers 116, Society for Economic Dynamics.
  69. Ginés Hernández-Cánovas & Pedro Martínez-Solano, 2010. "Relationship lending and SME financing in the continental European bank-based system," Small Business Economics, Springer, vol. 34(4), pages 465-482, May.
  70. Chen, Jeff Zeyun & Lobo, Gerald J. & Wang, Yanyan & Yu, Lisheng, 2013. "Loan collateral and financial reporting conservatism: Chinese evidence," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 4989-5006.
  71. Lieven Baert & Rudi Vander Vennet, 2008. "Bank Market Structure and Firm Capital Structure," Working Paper / FINESS 2.1, DIW Berlin, German Institute for Economic Research.
  72. Kalyvas, Antonios Nikolaos & Mamatzakis, Emmanuel, 2017. "Do creditor rights and information sharing affect the performance of foreign banks?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 50(C), pages 13-35.
  73. Francesco Reito & Salvatore Spagano, 2014. "A Comparison between Formal and Informal Mutual-credit Arrangements," The Developing Economies, Institute of Developing Economies, vol. 52(2), pages 179-201, June.
  74. Berger, Allen N. & Espinosa-Vega, Marco A. & Frame, W. Scott & Miller, Nathan H., 2011. "Why do borrowers pledge collateral? New empirical evidence on the role of asymmetric information," Journal of Financial Intermediation, Elsevier, vol. 20(1), pages 55-70, January.
  75. Philip E. Strahan, 1999. "Borrower risk and the price and nonprice terms of bank loans," Staff Reports 90, Federal Reserve Bank of New York.
  76. Meles, Antonio & Porzio, Claudio & Sampagnaro, Gabriele & Starita, Maria Grazia & Verdoliva, Vincenzo, 2017. "Collateralization of business loans: Testing the prediction of theories," Research in International Business and Finance, Elsevier, vol. 42(C), pages 922-938.
  77. Maxim Zagonov, 2011. "Securitization and Bank Intermediation Function," Finance zagonov-wpsz2011, Socionet.
  78. Balasubramanyan, Lakshmi & Berger, Allen N. & Koepke, Matthew M., 2019. "How do lead banks use their private information about loan quality in the syndicated loan market?," Journal of Financial Stability, Elsevier, vol. 43(C), pages 53-78.
  79. Timothy M. Devinney & Hellmuth Milde, 1990. "Agency Contracting and Inside Debt," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 126(II), pages 97-111, June.
  80. Yu Zhang & Xiong Xiong & Wei Zhang & Xuefeng Liu, 2018. "Credit Rationing and the Simulation of Multi-bank Credit Market Model: A Computational Economics Approach," Computational Economics, Springer;Society for Computational Economics, vol. 52(4), pages 1233-1256, December.
  81. Benjamin Liu & Donghui Li & Eduardo Roca, 2009. "What Determine Mortgage Yield Spreads in Australia? Credit Criteria, Funding Channels and the Market Condition," Discussion Papers in Finance finance:200901, Griffith University, Department of Accounting, Finance and Economics.
  82. Bieta, Volker & Broll, Udo & Siebe, Wilfried, 2008. "The banking firm: the role of signaling with collaterals," Dresden Discussion Paper Series in Economics 04/08, Technische Universität Dresden, Faculty of Business and Economics, Department of Economics.
  83. Michael Minnis & Andrew Sutherland, 2017. "Financial Statements as Monitoring Mechanisms: Evidence from Small Commercial Loans," Journal of Accounting Research, Wiley Blackwell, vol. 55(1), pages 197-233, March.
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  86. Dias Duarte, Fábio & Matias Gama, Ana Paula & Paulo Esperança, José, 2017. "Collateral-based in SME lending: The role of business collateral and personal collateral in less-developed countries," Research in International Business and Finance, Elsevier, vol. 39(PA), pages 406-422.
  87. Song, Jae Eun, 2014. "Competitive Search Equilibrium in the Credit Market under Asymmetric Information and Limited Commitment," MPRA Paper 57515, University Library of Munich, Germany.
  88. Masatoshi Jinno, 2011. "Assimilation, Immigration, and the Welfare State," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 67(1), pages 46-63, March.
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  90. Niinimäki, Juha-Pekka, 2009. "Screening in the credit market when the collateral value is stochastic," Research Discussion Papers 19/2009, Bank of Finland.
  91. Jamie Alcock & Eva Steiner, 2018. "Fundamental Drivers of Dependence in REIT Returns," The Journal of Real Estate Finance and Economics, Springer, vol. 57(1), pages 4-42, July.
  92. Chen, Yenpao & Guo, Ruey-Ji & Huang, Rao-Li, 2009. "Two stages credit evaluation in bank loan appraisal," Economic Modelling, Elsevier, vol. 26(1), pages 63-70, January.
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  106. Niinimäki, Juha-Pekka, 2018. "Collateral in credit rationing in markets with asymmetric information," The Quarterly Review of Economics and Finance, Elsevier, vol. 68(C), pages 97-102.
  107. Bieta, Volker & Broll, Udo & Siebe, Wilfried, 2014. "Collateral in banking policy: On the possibility of signaling," Mathematical Social Sciences, Elsevier, vol. 71(C), pages 137-141.
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  111. Hu, Maggie Rong & Li, Xiaoyang & Shi, Yang, 2019. "Adverse Selection and Credit Certificates: Evidence from a P2P Platform," ADBI Working Papers 942, Asian Development Bank Institute.
  112. Safavian, Mehnaz & Sharma, Siddharth, 2007. "When do creditor rights work?," Policy Research Working Paper Series 4296, The World Bank.
  113. Stanley D. Longhofer, 1997. "Absolute priority rule violations, credit rationing, and efficiency," Working Papers (Old Series) 9710, Federal Reserve Bank of Cleveland, revised 1997.
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