| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20310 |
| 来源ID | Working Paper 20310 |
| Loans on sale: Credit market seasonality, borrower need, and lender rents | |
| Justin Murfin; Mitchell Petersen | |
| 发表日期 | 2014-07-17 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | The market for corporate credit is characterized by significant seasonal variation, both in interest rates and the volume of new lending. Firms borrowing from banks during seasonal "sales" in late spring and fall issue at 19 basis points cheaper than winter and summer borrowers. Issuers during cheap seasons appear to have less immediate or uncertain needs, but are enticed by low rates to engage in precautionary borrowing. High interest rate periods capture borrowers with unanticipated, non-deferrable investment needs. Consistent with models of intertemporal price discrimination, seasonality is strongly associated with market concentration among a few large banks with repeated interactions. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w20310 |
| 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/577984 |
| 推荐引用方式 GB/T 7714 | Justin Murfin,Mitchell Petersen. Loans on sale: Credit market seasonality, borrower need, and lender rents. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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