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| Tekijä: | Machauer, A. Weber, M. |
| Otsikko: | Bank behavior on internal credit ratings of borrowers |
| Lehti: | Journal of Banking and Finance
1998 : OCT, VOL. 22:10-11, p. 1355-1383 |
| Asiasana: | Banking Credit rating Loans |
| Vapaa asiasana: | Relationship banking Money illusion |
| Kieli: | eng |
| Tiivistelmä: | In the study, the relation of bank loan terms to borrower risk defined by the bank's internal credit rating is examined. The analysis is not restricted to a static view. It also incorporates rating transition and its implications on the relation. Money illusion and phenomena linked with relationship banking are discovered as important factors. The results show that riskier borrowers pay higher loan rate premiums and rely more on bank finance. Housebanks obtain more collateral and provide more finance. Caused by money illusion in times of high market interest rates loan rate premiums are relatively small whereas in times of low market interest rates they are relatively high. There was no evidence for an appropriate adjustment of loan terms to rating changes. |
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