| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w8652
|
| 来源ID | Working Paper 8652
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| The Optimal Concentration of Creditors |
| Arturo Bris; Ivo Welch
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| 发表日期 | 2001-12-13
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| 出版年 | 2001
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| 语种 | 英语
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| 摘要 | There are situations in which dispersed creditors (e.g., public creditors) have more difficulties and higher costs when collecting their claims in financial distress than concentrated creditors (e.g., banks). Under this assumption, our model predicts that measures of debt concentration relate [a] positively to creditors' chosen aggregate debt collection expenditures; [b] positively to management's chosen expenditures to avoid paying; [c] positively to total net litigation costs/waste in financial distress; and [d] positively to accomplished claim recovery by creditors (to which we present some preliminary favorable empirical evidence). Under additional assumptions, measures of debt concentration relate [e] positively to intrinsic firm quality; [f] positively to creditor monitoring and negatively to managerial waste; [g] positively to optimal continuation/discontinuation choices; [h] negatively to issuing marketing expenses. In a signaling model, when concentration alone is not a sufficient signal, firms choose the ultimately concentrated debt (i.e., a house bank) and have to pay a high interest. |
| 主题 | Financial Economics
; Financial Institutions
; Corporate Finance
|
| URL | https://www.nber.org/papers/w8652
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566259
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推荐引用方式
GB/T 7714 |
Arturo Bris,Ivo Welch. The Optimal Concentration of Creditors. 2001.
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文件名：
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w8652.pdf
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格式：
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Adobe PDF
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