Liquidity, pledgeability, and the nature of lending

• 成果类型: Article
• 署名作者: Diamond, Douglas W.; Hu, Yunzhi; Rajan, Raghuram G.
• 署名单位: University of Chicago; National Bureau of Economic Research; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.05.005
• 发表日期: 2022
• 页码: 1275-1294
• 关键词: liquidity; Pledgeability; Financial cycle; monitoring; loans; Performance-pricing debt; Intermediary capital

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 be-tween the prospective net worth or liquidity of an industry and the firm's internal gover-nance 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. (c) 2021 Elsevier B.V. All rights reserved.