Determinants of collateral

• 成果类型: Article
• 署名作者: Jimenez, Gabriel; Salas, Vicente; Saurina, Jesus
• 署名单位: Banco de Espana; University of Zaragoza
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2005.06.003
• 发表日期: 2006
• 页码: 255-281
• 关键词: Collateral; asymmetric information; RELATIONSHIP BANKING; COMPETITION; business cycle

摘要

We estimate a comprehensive model of the determinants of collateral in loans extended to business firms. We use a panel data on a sample of bank loans to Spanish firms from 1984 to 2002. Consistent with theories that view collateral as a solution to adverse selection problems, our results provide direct evidence of a negative association between collateral and a borrower's risk. We also present evidence on previously unexplored determinants of collateral such as credit market competition, lender type, and the business cycle. (c) 2005 Elsevier B.V. All rights reserved.