Does distance still matter? The information revolution in small business lending

• 成果类型: Article
• 署名作者: Petersen, MA; Rajan, RG
• 署名单位: Northwestern University; University of Chicago; Massachusetts Institute of Technology (MIT)
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/1540-6261.00505
• 发表日期: 2002
• 页码: 2533-2570
• 关键词: credit

摘要

The distance between small firms and their lenders is increasing, and they are communicating in more impersonal ways. After documenting these systematic changes, we demonstrate they do not arise from small firms locating differently, consolidation in the banking industry, or biases in the sample. Instead, improvements in lender productivity appear to explain our findings. We also find distant firms no longer have to be the highest quality credits, indicating they have greater access to credit. The evidence indicates there has been substantial development of the financial sector, even in areas such as small business lending.