Ono, Arito; Sakai, Koji; Uesugi, Iichiro - In: Journal of the Japanese and International Economies 26 (2012) 1, pp. 84-109
This paper examines how collateral and personal guarantees affect firms’ ex-post performance employing a propensity score matching estimation approach. Based on a unique firm-level panel data set of more than 500 small-and-medium-sized borrower firms in Japan, we find that borrowers with high...
