| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28377 |
| 来源ID | Working Paper 28377 |
| Liquidity, Pledgeability, and the Nature of Lending | |
| Douglas W. Diamond; Yunzhi Hu; Raghuram G. Rajan | |
| 发表日期 | 2021-01-25 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We develop a theory of how corporate lending and financial intermediation change based on the fundamentals of the firm and its environment. We focus on the interaction between the prospective net worth or liquidity of an industry and the firm’s internal governance or pledgeability. Variations in prospective liquidity can induce changes in the nature, covenants, and quantity of loans that are made, the identity of the lender, and the extent to which the lender is leveraged. We offer predictions on how these might vary over the financial cycle. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w28377 |
| 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/586051 |
| 推荐引用方式 GB/T 7714 | Douglas W. Diamond,Yunzhi Hu,Raghuram G. Rajan. Liquidity, Pledgeability, and the Nature of Lending. 2021. |
| 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 | ||
| w28377.pdf（388KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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