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Information Asymmetry and Foreign Currency Borrowing by Small Firms

Brown, M.; Ongena, S.; Yesin, P. - Tilburg University, Center for Economic Research - 2011

We model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk of firm-level distress costs. Under perfect information foreign currency funds come at a lower interest rate, all foreign currency earners as well as those local currency...

Persistent link: https://www.econbiz.de/10011091089

Currency Denomination of Bank Loans : Evidence from Small Firms in Transition Countries

Brown, M.; Ongena, S.; Yesin, P. - Tilburg University, Center for Economic Research - 2008

We examine the firm-level and country-level determinants of the currency denomination of small business loans. We introduce an information asymmetry between banks and firms in a model that also features the trade-off between the cost of debt and firm-level distress costs. Banks in our model...

Persistent link: https://www.econbiz.de/10011092691

Market Structure and Technology Diffusion Incentives under Alternative Environmental Policy Schemes

de Vries, F.P. - Tilburg University, Center for Economic Research - 2004

Persistent link: https://www.econbiz.de/10011090972

Public Versus Private Exchanges

Potters, Jan; Kirchsteiger, G.; Niederle, M. - Tilburg University, Center for Economic Research - 2001

We study the structure of markets when traders are given the opportunity to create their own market, as on the internet.On the internet, public exchanges have in many cases been replaced by private exchanges.We use experiments to investigate possible reasons for the failure of public...

Persistent link: https://www.econbiz.de/10011091018

Signaling and forward induction in a market entry context

van Damme, Eric - Tilburg University, Center for Economic Research - 1989

Persistent link: https://www.econbiz.de/10011091646

Market Efficiency and Price Formation When Dealers are Asymmetrically Informed

Calcagno, R.; Lovo, S.M. - Tilburg University, Center for Economic Research - 2002

We consider the effect of asymmetric information on the price formation process in a quote-driven market where one market maker receives a private signal on the security fundamental.A model is presented where market makers repeatedly compete in prices: at each stage a bid-ask auction occurs and...

Persistent link: https://www.econbiz.de/10011092157

Transparency, Prices and Welfare with Imperfect Substitutes

boone, jan; Potters, Jan - Tilburg University, Center for Economic Research - 2002

Markets that are not completely transparent feature complex comparative statics with respect to the effect of number of firms, elasticity of substitution between goods and degree of transparency on equilibrium prices.The main result is that the following 'common wisdom' is incorrect: more...

Persistent link: https://www.econbiz.de/10011092472

The Impact of Competition on Bank Orientation and Specialization

Degryse, Hans; Ongena, S. - Tilburg University, Center for Economic Research - 2003

How do banks react to increased interbank competition?Recent banking theory offers conflicting predictions about the … impact of competition on bank orientation í L H WKH choice of relationship based versus transactional banking í DQG EDQN … LQGXVWU\ specialization.We empirically investigate the impact of interbank competition on bank branch orientation and …

Persistent link: https://www.econbiz.de/10011090384

Bank Competition and Stability : Cross-country Heterogeneity (Revised version of CentER DP 2011-080)

Beck, Thorsten; De Jonghe, Olivier; Schepens, G. - Tilburg University, Center for Economic Research - 2012

Abstract: This paper documents large cross-country variation in the relationship between bank competition and bank … in competition will have a larger impact on banks’ fragility in countries with stricter activity restrictions, lower …

Persistent link: https://www.econbiz.de/10011090475

Rubinstein auctions : On competition for bargaining partners

Chatterjee, K.; Dutta, B. - Tilburg University, Center for Economic Research - 1994

Persistent link: https://www.econbiz.de/10011090521