Creditor Concentration: An Empirical Investigation
| Autor: | Natalja von Westernhagen, Steven Ongena, Gunseli Tumer-Alkan |
|---|---|
| Přispěvatelé: | University of Zurich, Tümer-Alkan, Günseli, Finance, Research Group: Finance, Department of Finance |
| Jazyk: | angličtina |
| Rok vydání: | 2012 |
| Předmět: |
Economics and Econometrics
Creditor Lieferanten-Kunden-Beziehung 2002 Economics and Econometrics Sample (statistics) Monetary economics Unternehmen jel:G21 German Kredit SDG 17 - Partnerships for the Goals bank relationships ddc:330 Hausbank Economics bank relationships asymmetric financing banking competition G32 Gläubiger G33 Deutschland banking competition Finance business.industry asymmetric financing 10003 Department of Banking and Finance jel:G32 language.human_language 330 Economics jel:G33 2003 Finance language G21 business |
| Zdroj: | European Economic Review, 56(4), 830-847. Elsevier Ongena, S, Tumer Alkan, G & van Westernhagen, N 2012, ' Creditor Concentration: An Empirical Investigation ', European Economic Review, vol. 56, no. 4, pp. 830-847 . https://doi.org/10.1016/j.euroecorev.2012.02.001 European Economic Review, 56(4), 830-847. Elsevier Science BV |
| ISSN: | 0014-2921 |
| DOI: | 10.1016/j.euroecorev.2012.02.001 |
| Popis: | Most of the literature addressing multiple banking assumes equal financing shares. However, unequal, concentrated or asymmetric bank borrowing is widespread. This paper investigates the determinants of creditor concentration for German firms using a comprehensive bank-firm level dataset for the time period between 1993 and 2003. We document that lending is very often concentrated and, consequently, that relationship lending is important, not only for the small firms but also for the larger firms in our sample. However, we also find that risky, illiquid, large and leveraged firms spread their borrowing more evenly between multiple lenders. On the other hand, the degree of concentration increases with the profitability of the relationship lender. Relationship lending may spur financing provided by other banks, especially if the relationship lender is a public sector bank and if the other banks are large or do not have to tie up additional funds in capital. |
| Databáze: | OpenAIRE |
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