| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26458 |
| 来源ID | Working Paper 26458 |
| Why Do Firms Borrow Directly from Nonbanks? | |
| Sergey Chernenko; Isil Erel; Robert Prilmeier | |
| 发表日期 | 2019-11-18 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Analyzing hand-collected credit agreements data for a random sample of middle-market firms during 2010-2015, we find that a third of all loans is extended directly by nonbank financial intermediaries. Nonbanks lend to less profitable and more levered firms that undergo larger changes in size around loan origination. The probability of borrowing from a nonbank jumps by 34% as EBITDA falls below zero, an effect that is largely due to bank regulation. Controlling for firm and loan characteristics, nonbank loans carry 190 basis points higher interest rates, suggesting that access to funding, rather than prices, is why firms borrow from nonbanks. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w26458 |
| 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/584130 |
| 推荐引用方式 GB/T 7714 | Sergey Chernenko,Isil Erel,Robert Prilmeier. Why Do Firms Borrow Directly from Nonbanks?. 2019. |
| 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 | ||
| w26458.pdf（385KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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