Disequilibrium in the UK corporate loan market

Atanasova, Christina; Wilson, Nick

doi:10.1016/s0378-4266(03)00037-2

Cited by 121 publications

(147 citation statements)

References 15 publications

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“…A disequilibrium model with unknown sample separation, as described by Maddala (2000) and Atanasova and Wilson (2004), the amount of bank credit demanded is modeled as a function of the level or the expansion of firm activity, firm size, other sources of capital that are substitutes to bank loans, and the cost of bank credit. The maximum amount of credit available to a firm is modeled as a function of the firm's collateral and default risk.…”

Section: A Disequilibrium Modelmentioning

confidence: 99%

Do firms benefit from multiple banking relationships? Evidence from small and medium- sized firms in Japan

Shikimi

2011

Int Econ Econ Policy

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This paper examines empirically the effects of multiple banking relationships on the cost and availability of credit. The analysis is based on an unbalanced panel data set for Japanese small and medium-sized firms over the period 2000-2002 Hausman-Taylor estimator is used to allow for possible correlation between unobservable heterogeneity among firms and multiple banking relationships. The results suggest that the cost of credit is positively correlated with the number of banking relationships when the endogeneity of the banking relationships is considered.Multiple banking relationships have a positive effect on the availability of credit for financially constrained firms. *

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Section: A Disequilibrium Modelmentioning

confidence: 99%

Do firms benefit from multiple banking relationships? Evidence from small and medium- sized firms in Japan

Shikimi

2011

Int Econ Econ Policy

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“…In particular, situations of information asymmetries, due to imperfect knowledge of the business projects by the lenders, may result in particularly severe financial constraints. 11 This is aggravated by the poor development of the main areas of the business management inside such companies (administration, finance, marketing), resulting in an objective difficulty to provide the lenders with sufficiently clear and articulated information on the company's projects (Devereux and Schiantarelli, 1989;Beck et al, 2005b); a further critical issue is represented by the overlapping of management and ownership, often giving birth to opaque economic and financial situations of both, which prompts lenders to put a greater emphasis on the collateral requirements of entrepreneurs-owners than on the earning prospects of the businesses (Atanasova and Wilson, 2004).…”

Section: Financial Crises and Eu Credit Access Policy 21mentioning

confidence: 99%

Microfinance, EU Structural Funds and Capacity Building for Managing Authorities

2016

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Book -Published VersionMicrofinance, EU structural funds and capacity building for managing authorities: A comparative analysis of European convergence regions The Palgrave Studies in Impact Finance series provides a valuable scientific 'hub' for researchers, professionals and policy makers involved in impact finance and related topics. It includes studies in the social, political, environmental and ethical impact of finance, exploring all aspects of impact finance and socially responsible investment, including policy issues, financial instruments, markets and clients, standards, regulations and financial management, with a particular focus on impact investments and microfinance.Titles feature the most recent empirical analysis with a theoretical approach, including up to date and innovative studies that cover issues which impact finance and society globally.

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“…C' est par la simple comparaison des valeurs convenables de la demande et de l'offre de crédit que les proportions d' entreprises rationnées sont mesurées. Les travaux pionniers de l'économétrie du déséquilibre visant à tester le rationnement du cré-dit (Laffont et Garcia, 1977 ;Sealey, 1979 ;Ito et Ueda, 1981) se sont traduits par un nombre croissant d' études des marchés du crédit en déséquilibre, par exemple : aux États-Unis (Perez, 1998), en Corée, au Japon (Ogawa et Suzuki, 2000), à Taïwan (Shen, 2002), au Royaume-Uni (Atanasova et Wilson, 2004), en Pologne ( Hurlin et Kierzenkowski, 2007) et en Belgique (Steijvers, 2008).…”

Section: Mesure Du Rationnement De Crédit Par L'économétrie Du Déséquunclassified

“…Le crédit permet à l'entreprise de produire plus que si elle se fonde uniquement sur sa capacité d'autofinancement et ses fonds propres. La variable « niveau d'activité de l'entreprise » est approximée par le chiffre d'affaires (VENTES) (Perez, 1998 ;Atanasova et Wilson, 2004) ;…”

Section: Variables Et Hypothèsesunclassified

Le financement des PME en Tunisie

Adair¹,

Fhima

2014

ipme

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Malgré leur importance numérique et le rôle qui leur est dévolu dans le cadre de la stratégie de promotion du secteur privé en Tunisie, les petites et moyennes entreprises (PME) ne répondent pas aux exigences des banques afin de satisfaire leur besoin de financement. L’estimation du tout premier modèle de déséquilibre appliquée à la Tunisie repose sur un panel de 1 275 PME observées entre 2001 et 2006. Il montre que la demande de crédit bancaire n’est pas déterminée par les facteurs « endogènes », tels le niveau d’activité et les ressources internes disponibles des entreprises, mais plutôt par des facteurs « exogènes », tels le coût de financement et les garanties exigées par les banques. Les exigences des banques, surtout en matière de garanties, expliquent en grande partie l’insuffisance des concours octroyés par rapport aux besoins exprimés et se traduisent par une proportion moyenne d’environ 80 % de ces entreprises qui sont - partiellement ou totalement - rationnées.

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Disequilibrium in the UK corporate loan market

Cited by 121 publications

References 15 publications

Do firms benefit from multiple banking relationships? Evidence from small and medium- sized firms in Japan

Do firms benefit from multiple banking relationships? Evidence from small and medium- sized firms in Japan

Microfinance, EU Structural Funds and Capacity Building for Managing Authorities

Le financement des PME en Tunisie

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