| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9010 |
| 来源ID | Working Paper 9010 |
| Bankruptcy and Small Firms' Access to Credit | |
| Jeremy Berkowitz; Michelle J. White | |
| 发表日期 | 2002-06-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | In this paper, we investigate how personal bankruptcy law affects small firms' access to credit. When a firm is unincorporated, its debts are personal liabilities of the firm's owner, so that lending to the firm is legally equivalent to lending to its owner. If the firm fails, the owner has an incentive to file for personal bankruptcy, since the firm's debts will be discharged and the owner is only obliged to use assets above an exemption level to repay creditors. The higher the exemption level, the greater is the incentive to file for bankruptcy. We show that supply of credit falls and demand for credit rises when non-corporate firms are located in states with higher bankruptcy exemptions. We test the model and find that, if small firms are located in states with unlimited rather than low homestead exemptions, they are more likely to be denied credit, they receive smaller loans and interest rates are higher. Results for non-corporate versus corporate firms suggest that lenders often disregard small firms' organizational status in making loan decisions. |
| 主题 | Other ; Law and Economics ; Macroeconomics ; Monetary Policy |
| URL | https://www.nber.org/papers/w9010 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566619 |
| 推荐引用方式 GB/T 7714 | Jeremy Berkowitz,Michelle J. White. Bankruptcy and Small Firms' Access to Credit. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9010.pdf（234KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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