haku: @indexterm LOANS / yhteensä: 417
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Tekijä: | Vickery, J. |
Otsikko: | How and why do small firms manage interest rate risk |
Lehti: | Journal of Financial Economics
2008 : FEB, VOL. 87:2, p. 446-470 |
Asiasana: | small business interest rates risk management loans USA |
Kieli: | eng |
Tiivistelmä: | This paper examines fixed-rate (hereafter as: f-r.) and adjustable-rate (here as: a-r.) loans to find out how small firms manage their exposure to interest rate (here as: i-rt./i-rts.) risk. It is found that credit-constrained firms match significantly more often with f-r. loans, consistent with prior research showing the supply of credit shrinks during periods of rising i-rts. Banks originate a higher share of a-r. loans than other lenders, improving maturity mismatch and exposure to the lending channel of monetary policy. Time-series patterns in the f-r. share are consistent with recent evidence on debt market timing. |
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