Sakai, Koji; Uesugi, Iichiro; Watanabe, Tsutomu - Research Institute of Economy, Trade and Industry (RIETI) - 2005
This paper investigates how a firm's borrowing cost evolves as it ages. Using a new data set of more than 200,000 bank-dependent small firms in 1997-2002, we find the following. First, the distribution of borrowing cost tends to become less skewed to the right over time. Second, this shift of...