haku: @indexterm Loans / yhteensä: 417
viite: 234 / 417
| Tekijä: | Maksimovic, V. |
| Otsikko: | Product market imperfections and loan commitments |
| Lehti: | Journal of Finance
1990 : DEC, VOL. 45:5, p. 1641-1653 |
| Asiasana: | BANKS MARKETS MARKET RESEARCH LOANS MARKET STRUCTURE COMPANIES |
| Kieli: | eng |
| Tiivistelmä: | It is shown in a model of competitive banks that the characteristics of loan contracts are affected by product market imperfections in the borrower's industry. A bank loan commitment increases the value of a borrower firm operating in an imperfectly competitive industry and thus dominates a simple loan even in the absence of risk sharing considerations and informational asymmetries between the borrower and the bank. While it is individually rational for a firm to obtain a loan commitment, all the firms in the industry taken together are worse off by the existence of loan commitments. |
SCIMA