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Reputation formation in early bank debt markets

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Reputation Formation in Early Bank Debt Markets

Gorton, Gary - 1993

Two hypotheses concerning firms issuing debt for the first time are tested. The first is that new firms' debt will be discounted more heavily by lenders, compared to firms which have credit histories (but are otherwise identical), and that this excess discount declines over time as lenders...

Persistent link: https://www.econbiz.de/10012474551