Vittoria, Cerasi; Alessandro, Fedele - In: The B.E. Journal of Economic Analysis & Policy 11 (2011) 1, pp. 1-27
With asymmetric information between investors and firms, credit availability is affected by the resale value of collateralized productive assets. If liquidation occurs, investors recover a greater value the higher the probability to find a buyer and the higher his willingness to pay to use the...