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| Tekijä: | Hanley, A. Crook, J. |
| Otsikko: | The higher cost of follow-up loans |
| Lehti: | Small business economics
2005 : FEB, VOL. 24:1, p. 29-38 |
| Asiasana: | Asymmetric information Loans |
| Vapaa asiasana: | Collateral margins Interest margins |
| Kieli: | eng |
| Tiivistelmä: | This article examines the cost of follow-up commercial finance that controls for the value of collateral concentrating on the role of assets and security. A set of over 1000 U.K. commercial loans and overdrafts given to non-listed enterprises are studied to discover that usually follow-up finance is more expensive than first-round finance. The higher relative cost of follow-up finance to borrowers is explained by fixed asset base that raises the price and risk of successful financial increments. |
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