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Adverse Selection and Search Frictions in Corporate Loan Contracts
The U. of Texas at San Antonio .
KTH, Skolan för industriell teknik och management (ITM), Industriell ekonomi och organisation (Inst.), Entreprenörskap och Innovation. KTH, Skolan för industriell teknik och management (ITM), Centra, Centrum för studier inom vetenskap och innovation, CESIS.ORCID-id: 0000-0001-9348-7505
2014 (engelsk)Konferansepaper, Publicerat paper (Fagfellevurdert)
Abstract [en]

We provide empirical evidence of both (1) price dispersion and (2) credit rationing in the corporate loan market. We argue that these properties are caused by two factors: an adverse selection resulting from the information asymmetry between lenders and borrowers, and search frictions in matching borrowers with lenders. We develop a model of loan markets in which lenders post an array of heterogeneous contracts, then borrowers tradeoff terms of loan contracts and matching probability between themselves. We show that a unique separating equilibrium exists where each type of borrower applies to a certain type of contract.

sted, utgiver, år, opplag, sider
CESIS/KTH , 2014.
Serie
CESIS Electronic Working Paper Series ; 350
HSV kategori
Forskningsprogram
Nationalekonomi
Identifikatorer
URN: urn:nbn:se:kth:diva-184725OAI: oai:DiVA.org:kth-184725DiVA, id: diva2:916729
Konferanse
Financial Management Association Meeting
Merknad

QC20160419

Tilgjengelig fra: 2016-04-04 Laget: 2016-04-04 Sist oppdatert: 2016-04-19bibliografisk kontrollert

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