Credit Allocation when Borrowers are Economically Linked: An Empirical Analysis of Bank Loans to Corporate Customers
Journal of Corporate Finance,
Using detailed loan level data, we examine bank lending to corporate customers relying on principal suppliers. Customers experience larger loan spreads, higher intensity of covenants and greater likelihood of requiring collateral when they depend more on the principal supplier for inputs. The positive association between the customer’s loan spread and its dependence on the principal supplier is less pronounced when the bank has a prior loan outstanding with the principal supplier, and when the bank has higher market share in the industry. Longer relationships between the customer and its principal supplier, and between the bank and the principal supplier, mitigate lending constraints. The evidence is consistent with corporate suppliers serving as an informational bridge between the lender and the customer.
IWH-Insolvenztrend: Insolvenzen steigen im März kräftiger an Deutlich schneller als die amtliche Statistik liefert das...
Professor in Finance and Labour, in conjunction with a position as Head of Department Laws, Regulation and Factor Markets at the IWH
Stellenausschreibung Professor in Finance and Labour, in conjunction...
Members and Research Members Doctoral Students Afroza...
Die Mathematik der Bauchentscheidungen Zuerst Kosten und Nutzen sorgfältig abwägen und dann rational...
Age and High-Growth Entrepreneurship
American Economic Review: Insights,
Many observers, and many investors, believe that young people are especially likely to produce the most successful new firms. Integrating administrative data on firms, workers, and owners, we study start-ups systematically in the United States and find that successful entrepreneurs are middle-aged, not young. The mean age at founding for the 1-in-1,000 fastest growing new ventures is 45.0. The findings are similar when considering high-technology sectors, entrepreneurial hubs, and successful firm exits. Prior experience in the specific industry predicts much greater rates of entrepreneurial success. These findings strongly reject common hypotheses that emphasize youth as a key trait of successful entrepreneurs.
Schlüsselbrücken zur Gebietsstands-Transformation in Deutschland Der Staat besitzt...
IWH Doctoral Programme in Economics
Warum ein Doktorandenstudium am IWH? ...
Impressum und Haftungsausschluss ...