Determinants of collateral

被引：205
作者：
Jimenez, Gabriel
Salas, Vicente
Saurina, Jesus
机构：
[1] Banco Espana, Madrid 28014, Spain
[2] Univ Zaragoza, E-50009 Zaragoza, Spain
来源：
JOURNAL OF FINANCIAL ECONOMICS | 2006年 / 81卷 / 02期
关键词：
collateral; asymmetric information; relationship banking; competition; business cycle;
D O I：
10.1016/j.jfineco.2005.06.003
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
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.
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页码：255 / 281
页数：27
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