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Why do borrowers pledge collateral? New empirical evidence on the role of asymmetric information

Berger, Allen N.; Espinosa-Vega, Marco A.; Frame, W. Scott - 2007

An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit rationing, and other inefficiencies that arise when borrowers hold ex ante private information. There is no clear empirical evidence regarding the central implication of this...

Persistent link: https://www.econbiz.de/10010292292

Information Sharing Among Banks About Borrowers: What Type Would They Support?

Major, Iván - 2013

I address the following issue in this paper: how does information sharing among banks about borrowers affect banks' competition, and ultimately, the interest rate borrowers pay for the loan they take? One would expect that full information sharing among banks reduces lenders' risk and results in...

Persistent link: https://www.econbiz.de/10010494545

Heterogeneous Multiple Bank Financing Under Uncertainty: Does it Reduce Inefficient Credit Decisions?

Bannier, Christina E. - 2005

Small and medium-sized firms typically obtain capital via bank financing. They often rely on a mixture of relationship …'s quality and on the relationship bank's information precision. Generally, heterogeneous multiple banking leads to fewer … bank's fraction of total firm debt is not too large. …

Persistent link: https://www.econbiz.de/10010316088

Capital Market Integration in Euroland - The Role of Banks

Buch, Claudia M. - 1999

enhances the incentives of banks to expand within Euroland. Yet, while the currency bias in bank portfolios will be eliminated …

Persistent link: https://www.econbiz.de/10010260522

Employer Learning and Schooling-Related Statistical Discrimination in Britain

Galindo-Rueda, Fernando - 2003

This paper develops and tests a new model of asymmetric information in the labour market involving employer learning. In the model, I provide theoretical conditions for the identification – based on the experience and tenure profiles of estimated returns to ability and education – of...

Persistent link: https://www.econbiz.de/10010262759

Wage-hours contracts, overtime working and premium pay

Hart, Robert A.; Ma, Yue - 2008

This paper offers a contract-based theory to explain the determination of standard hours, overtime hours and overtime premium pay. We expand on the wage contract literature that emphasises the role of firm-specific human capital and that explores problems of contract efficiency in the face of...

Persistent link: https://www.econbiz.de/10010269147

Availability of firms' information and their choice of external credit: Evidence from the data of small firms

Watanabe, Wako - 2004

The main purpose of this paper is to present the empirical findings derived from the data of small firms that the availability of private and public information on the borrowing firm leads to diverse borrowing patterns among firms. Exploring logit models to characterize the firm's choice of a...

Persistent link: https://www.econbiz.de/10010332416

Involvement of small and medium sized enterprises in the private realisation of public buildings

Heinecke, Bastian - 2002

This paper explores the procurement of public buildings in local authorities in the UK under the Private Finance Initiative (PFI) and its consequences for small and medium sized enterprises. Following an outline of the development of PFI in the UK, the paper explains the peculiarities of local...

Persistent link: https://www.econbiz.de/10010305664

Human capital formation, asymmetric information, and the dynamics of international migration

Stark, Oded; Chau, Nancy H. - 1998

We consider the case in which the opening up of an economy to migration results in departure of skilled workers. We point out that while the possibility of migration changes the set of employment opportunities, it also affects the structure of incentives: Higher returns to skills in the foreign...

Persistent link: https://www.econbiz.de/10010291755

Displacement, asymmetric information and heterogeneous human capital

Hu, Luojia; Taber, Christopher - 2008

In a seminal paper Gibbons and Katz (1991; GK) develop and empirically test an asymmetric information model of the labor market. The model predicts that wage losses following displacement should be larger for layouts than for plant closings, which was borne out by data from the Displaced Workers...

Persistent link: https://www.econbiz.de/10010292119

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