G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2527
DP2527 Victims of Progress: Economic Integration, Specialization and Wages for Unskilled Labour
Joseph Francois; Doug R Nelson
发表日期2000-08-29
出版年2000
语种英语
摘要This paper provides new insights into the nature of relationship lending by analysing the role of collateral and its real effects with respect to workout activities. We use a unique data set based on the credit files of five leading German banks, thus relying on real information used in the process of bank credit decision-making. In particular, risk assessment is derived from bank internal borrower ratings, and a new proxy for identifying relationship lending is used. Furthermore, our data set contains information on banks workout activities relating to borrowers facing financial distress. We find no significant correlation between borrower quality and the incidence of collateralization, or the degree thereof. Our results indicate that the use of collateral in loan contracts is mainly driven by aspects of relationship lending and renegotiation risk. Relationship lenders do require more collateral from their debtors than normal lenders for two main reasons. First, collateral locks the borrower into the relationship. Second, it strengthens the bank?s bargaining power in future renegotiations. This interpretation is strongly supported by our analysis of bank behaviour when borrowers face financial distress. We find that workout activities for distressed borrowers are positively related to both the housebank status and the degree of collateralization.
主题Financial Economics
关键词Relationship lending Housebanks Collateral Loan contract design Workouts
URLhttps://cepr.org/publications/dp2527
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/531602
推荐引用方式
GB/T 7714
Joseph Francois,Doug R Nelson. DP2527 Victims of Progress: Economic Integration, Specialization and Wages for Unskilled Labour. 2000.
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