메뉴 건너뛰기




Volumn 30, Issue 4, 2008, Pages 361-383

Lending to small businesses: The role of loan maturity in addressing information problems

Author keywords

Collateral; Loan maturity; Relationship lending; Small businesses

Indexed keywords


EID: 40849094426     PISSN: 0921898X     EISSN: 15730913     Source Type: Journal    
DOI: 10.1007/s11187-007-9053-2     Document Type: Article
Times cited : (160)

References (50)
  • 1
    • 84980104458 scopus 로고
    • Financial ratios, discriminant analysis and the prediction of corporate bankruptcy
    • Altman, E. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance, 23, 589-609.
    • (1968) Journal of Finance , vol.23 , pp. 589-609
    • Altman, E.1
  • 2
    • 0040093583 scopus 로고    scopus 로고
    • Availability and cost of credit for small businesses: Customer relationships and credit cooperatives
    • Angelini, P., Di Salvo, R., & Ferri, G. (1998). Availability and cost of credit for small businesses: Customer relationships and credit cooperatives. Journal of Banking and Finance, 22, 925-954.
    • (1998) Journal of Banking and Finance , vol.22 , pp. 925-954
    • Angelini, P.1    Di Salvo, R.2    Ferri, G.3
  • 3
    • 0040428390 scopus 로고    scopus 로고
    • The role of personal wealth in small business finance
    • Avery, R., Bostic, R., & Samolyk, K. (1998). The role of personal wealth in small business finance. Journal of Banking and Finance, 22, 1019-1061.
    • (1998) Journal of Banking and Finance , vol.22 , pp. 1019-1061
    • Avery, R.1    Bostic, R.2    Samolyk, K.3
  • 4
    • 84993839692 scopus 로고
    • The maturity structure of corporate debt
    • Barclay, M. J., & Smith, C. W. (1995). The maturity structure of corporate debt. Journal of Finance, 50, 609-631.
    • (1995) Journal of Finance , vol.50 , pp. 609-631
    • Barclay, M.J.1    Smith, C.W.2
  • 5
    • 84977331446 scopus 로고
    • A rationale for debt maturity structure and call provisions in the agency theory framework
    • Barnea, A., Haugen, R. A., & Senbet, L. W. (1980). A rationale for debt maturity structure and call provisions in the agency theory framework. Journal of Finance, 35, 1223-1234.
    • (1980) Journal of Finance , vol.35 , pp. 1223-1234
    • Barnea, A.1    Haugen, R.A.2    Senbet, L.W.3
  • 8
    • 3843143282 scopus 로고    scopus 로고
    • Credit scoring and the availability, price, and risk of small business credit
    • forthcoming-b
    • Berger, A., Frame, S., & Miller, N. H. (forthcoming-b). Credit scoring and the availability, price, and risk of small business credit. Journal of Money, Credit and Banking.
    • Journal of Money, Credit and Banking
    • Berger, A.1    Frame, S.2    Miller, N.H.3
  • 9
    • 0001434672 scopus 로고    scopus 로고
    • The ability of banks to lend to informationally opaque small businesses
    • Berger, A., Klapper, L., & Udell, G. (2001). The ability of banks to lend to informationally opaque small businesses. Journal of Banking and Finance, 25, 2127-2167.
    • (2001) Journal of Banking and Finance , vol.25 , pp. 2127-2167
    • Berger, A.1    Klapper, L.2    Udell, G.3
  • 10
  • 11
    • 0038127300 scopus 로고
    • Relationship lending and lines of credit in small firm finance
    • Berger, A., Udell, G. (1995). Relationship lending and lines of credit in small firm finance. Journal of Business, 68, 351-381.
    • (1995) Journal of Business , vol.68 , pp. 351-381
    • Berger, A.1    Udell, G.2
  • 12
    • 0001202725 scopus 로고    scopus 로고
    • The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle
    • Berger, A., & Udell, G. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance, 22, 613-673.
    • (1998) Journal of Banking and Finance , vol.22 , pp. 613-673
    • Berger, A.1    Udell, G.2
  • 13
    • 2442669045 scopus 로고    scopus 로고
    • Bankruptcy and small firms' access to credit
    • 1
    • Berkowitz, J., & White, M. (2004). Bankruptcy and small firms' access to credit. Rand Journal of Economics, 35(1), 69-84.
    • (2004) Rand Journal of Economics , vol.35 , pp. 69-84
    • Berkowitz, J.1    White, M.2
  • 15
    • 84977721861 scopus 로고
    • Bond covenants and delegated monitoring
    • Berlin, M., & Loeys, J. (1988). Bond covenants and delegated monitoring. Journal of Finance, 43, 397-412.
    • (1988) Journal of Finance , vol.43 , pp. 397-412
    • Berlin, M.1    Loeys, J.2
  • 16
    • 0001209480 scopus 로고
    • Collateral and rationing: Sorting equilibria in monopolistic and competitive credit markets
    • Besanko, D., & Thakor, A. (1987a). Collateral and rationing: sorting equilibria in monopolistic and competitive credit markets. International Economic Review, 28, 671-689.
    • (1987) International Economic Review , vol.28 , pp. 671-689
    • Besanko, D.1    Thakor, A.2
  • 17
    • 34250330644 scopus 로고
    • Competitive equilibrium in the credit market under asymmetric information
    • Besanko, D., & Thakor, A. (1987b). Competitive equilibrium in the credit market under asymmetric information. Journal of Economic Theory, 71, 291-299.
    • (1987) Journal of Economic Theory , vol.71 , pp. 291-299
    • Besanko, D.1    Thakor, A.2
  • 18
    • 84981865845 scopus 로고
    • Screening vs. rationing in credit markets with imperfect information
    • Bester, H. (1985). Screening vs. rationing in credit markets with imperfect information. American Economic Review, 75, 850-855.
    • (1985) American Economic Review , vol.75 , pp. 850-855
    • Bester, H.1
  • 20
    • 21444444859 scopus 로고
    • Moral hazard and secured lending in an infinitely repeated credit market game
    • Boot, A., & Thakor, A. (1994). Moral hazard and secured lending in an infinitely repeated credit market game. International Economic Review, 35, 899-920.
    • (1994) International Economic Review , vol.35 , pp. 899-920
    • Boot, A.1    Thakor, A.2
  • 21
    • 0001403052 scopus 로고
    • Secured lending and default risk: Equilibrium analysis and policy implications and empirical results
    • Boot, A., Thakor, A., & Udell, G. (1991). Secured lending and default risk: equilibrium analysis and policy implications and empirical results. Economic Journal, 101, 458-472.
    • (1991) Economic Journal , vol.101 , pp. 458-472
    • Boot, A.1    Thakor, A.2    Udell, G.3
  • 24
    • 0040844810 scopus 로고    scopus 로고
    • Does corporate lending by banks and finance companies differ? Evidence on specialization in private debt contracting
    • Carey, M., Post, M., & Sharpe, S. (1998). Does corporate lending by banks and finance companies differ? Evidence on specialization in private debt contracting. Journal of Finance, 53, 845-878.
    • (1998) Journal of Finance , vol.53 , pp. 845-878
    • Carey, M.1    Post, M.2    Sharpe, S.3
  • 25
    • 0141977278 scopus 로고    scopus 로고
    • Competition, Small Business Financing, and Discrimination: Evidence from a New Survey
    • Cavalluzo, K., Cavalluzo, L., & Wolken, J. (2002). Competition, Small Business Financing, and Discrimination: Evidence From a New Survey. Journal of Business, 75(4), 641-680.
    • (2002) Journal of Business, 75 , vol.4 , pp. 641-680
    • Cavalluzo, K.1    Cavalluzo, L.2    Wolken, J.3
  • 26
    • 0002582975 scopus 로고
    • Asymmetric valuation and the role of collateral in loan agreements
    • Chan, Y., & Kanatas, G. 1985. Asymmetric valuation and the role of collateral in loan agreements. Journal of Money, Credit and Banking, 17, 85-95.
    • (1985) Journal of Money, Credit and Banking , vol.17 , pp. 85-95
    • Chan, Y.1    Kanatas, G.2
  • 27
    • 21344473964 scopus 로고    scopus 로고
    • Small firm growth, access to capital markets and financial structure: Review of issues and empirical investigation
    • Chittenden, F., Hall, G., & Hutchinson, P. (1996). Small firm growth, access to capital markets and financial structure: Review of issues and empirical investigation. Small Business Economics, 8, 59-67.
    • (1996) Small Business Economics , vol.8 , pp. 59-67
    • Chittenden, F.1    Hall, G.2    Hutchinson, P.3
  • 28
    • 0002881625 scopus 로고    scopus 로고
    • The importance of relationships to the availability of credit
    • Cole, R. (1998). The importance of relationships to the availability of credit. Journal of Banking and Finance, 22, 959-977.
    • (1998) Journal of Banking and Finance , vol.22 , pp. 959-977
    • Cole, R.1
  • 29
    • 12344330813 scopus 로고    scopus 로고
    • Distance, lending relationships, and competition
    • 1
    • Degryse, H., & Ongena, S. (2005). Distance, lending relationships, and competition. Journal of Finance, 60(1), 231-266.
    • (2005) Journal of Finance , vol.60 , pp. 231-266
    • Degryse, H.1    Ongena, S.2
  • 30
    • 0002812128 scopus 로고    scopus 로고
    • Relationship lending within a bank-based system: Evidence from a European small business data
    • Degryse, H., & Van Cayseele, P. (2000). Relationship lending within a bank-based system: evidence from a European small business data. Journal of Financial Intermediation, 9, 90-109.
    • (2000) Journal of Financial Intermediation , vol.9 , pp. 90-109
    • Degryse, H.1    Van Cayseele, P.2
  • 32
    • 0000674080 scopus 로고
    • Debt maturity structure and liquidity risk
    • Diamond, D. W. (1991). Debt maturity structure and liquidity risk. Quarterly Journal of Economics, 106, 709-738.
    • (1991) Quarterly Journal of Economics , vol.106 , pp. 709-738
    • Diamond, D.W.1
  • 33
    • 0001533965 scopus 로고    scopus 로고
    • Is relationship lending special? Evidence from credit-file data in Germany
    • Elsas, R., & Krahnen, J. P. (1998). Is relationship lending special? Evidence from credit-file data in Germany. Journal of Banking and Finance, 22, 1283-1316.
    • (1998) Journal of Banking and Finance , vol.22 , pp. 1283-1316
    • Elsas, R.1    Krahnen, J.P.2
  • 34
    • 84944835242 scopus 로고
    • Asymmetric information and risky debt maturity choice
    • Flannery, M. J. (1986). Asymmetric information and risky debt maturity choice. Journal of Finance, 41, 19-37.
    • (1986) Journal of Finance , vol.41 , pp. 19-37
    • Flannery, M.J.1
  • 35
    • 33846260823 scopus 로고    scopus 로고
    • Are small innovators credit rationed?
    • Freel, M. S. (2007). Are small innovators credit rationed? Small Business Economics, 28, 23-35.
    • (2007) Small Business Economics , vol.28 , pp. 23-35
    • Freel, M.S.1
  • 36
    • 84897711429 scopus 로고
    • Optimal incentive contracts in the presence of career concerns: Theory and evidence
    • Gibbons, R., & Murphy, K. J. (1992). Optimal incentive contracts in the presence of career concerns: Theory and evidence. Journal of Political Economy, 100, 468-505.
    • (1992) Journal of Political Economy , vol.100 , pp. 468-505
    • Gibbons, R.1    Murphy, K.J.2
  • 37
    • 84993858218 scopus 로고
    • Optimal investment, monitoring, and the staging of venture capital
    • Gompers, P. (1995). Optimal investment, monitoring, and the staging of venture capital. Journal of Finance, 50, 1461-1489.
    • (1995) Journal of Finance , vol.50 , pp. 1461-1489
    • Gompers, P.1
  • 38
    • 0039470461 scopus 로고    scopus 로고
    • The determinants of the maturity of corporate debt issues
    • Guedes, J., & Opler, T. (1996). The determinants of the maturity of corporate debt issues. Journal of Finance, 51, 1809-1833.
    • (1996) Journal of Finance , vol.51 , pp. 1809-1833
    • Guedes, J.1    Opler, T.2
  • 39
    • 0000923818 scopus 로고    scopus 로고
    • Lending relationships in Germany- Empirical evidence from survey data
    • Harhoff, D., & Körting, T. (1998). Lending relationships in Germany- Empirical evidence from survey data. Journal of Banking and Finance, 22, 1317-1353.
    • (1998) Journal of Banking and Finance , vol.22 , pp. 1317-1353
    • Harhoff, D.1    Körting, T.2
  • 40
    • 84974224130 scopus 로고
    • The incidence of secured debt: Evidence from the small business community
    • Leeth, J., & Scott, J. (1989). The incidence of secured debt: Evidence from the small business community. Journal of Financial and Quantitative Analysis, 24, 379-394.
    • (1989) Journal of Financial and Quantitative Analysis , vol.24 , pp. 379-394
    • Leeth, J.1    Scott, J.2
  • 41
    • 0001955118 scopus 로고    scopus 로고
    • What's the point of credit scoring? Bank of Philadelphia
    • Mester L. (1997). What's the point of credit scoring? Bank of Philadelphia. Business Review, (9/10).
    • (1997) Business Review , vol.9 , Issue.10
    • Mester, L.1
  • 42
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5, 147-175.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.C.1
  • 43
    • 84993914974 scopus 로고
    • The benefits of lending relationships: Evidence from small business data
    • Petersen, M., & Rajan, R. (1994). The benefits of lending relationships: Evidence from small business data. Journal of Finance, 49, 3-37.
    • (1994) Journal of Finance , vol.49 , pp. 3-37
    • Petersen, M.1    Rajan, R.2
  • 44
    • 84862244566 scopus 로고
    • The effect of credit market competition on lending relationships
    • Petersen, M., & Rajan, R. (1995). The effect of credit market competition on lending relationships. The Quarterly Journal of Economics, 1109, 407-443.
    • (1995) The Quarterly Journal of Economics , vol.1109 , pp. 407-443
    • Petersen, M.1    Rajan, R.2
  • 45
    • 0012949171 scopus 로고    scopus 로고
    • Does distance still matter? the information revolution in small business lending
    • Petersen, M., & Rajan, R. (2002). Does distance still matter? The information revolution in small business lending. Journal of Finance, 57, 2533-2570.
    • (2002) Journal of Finance , vol.57 , pp. 2533-2570
    • Petersen, M.1    Rajan, R.2
  • 46
    • 0000464571 scopus 로고    scopus 로고
    • Debt maturity, a survey
    • Institutions and Instruments, New York University Salomon Center
    • Ravid S. (1996). Debt maturity, a survey. Financial markets, (Vol. 4, No. 3) Institutions and Instruments, New York University Salomon Center.
    • (1996) Financial Markets , vol.4 , Issue.3
    • Ravid, S.1
  • 47
    • 21344452294 scopus 로고    scopus 로고
    • Housing wealth, business creation and dissolution, in the U.K. regions
    • Robson, M. T. (1996) Housing wealth, business creation and dissolution, in the U.K. regions. Small Business Economics, 8, 39-48.
    • (1996) Small Business Economics , vol.8 , pp. 39-48
    • Robson, M.T.1
  • 48
    • 0039330589 scopus 로고    scopus 로고
    • The debt maturity structure of small firms
    • Scherr, F. C., & Hulburt, H. M. (2001). The debt maturity structure of small firms. Financial Management, 30, 85-111.
    • (2001) Financial Management , vol.30 , pp. 85-111
    • Scherr, F.C.1    Hulburt, H.M.2
  • 49
    • 49249143360 scopus 로고
    • On financial contracting: Analysis of bond covenants
    • Smith, C. W., & Warner, J. B. (1979a). On financial contracting: Analysis of bond covenants. Journal of Financial Economics, 7, 175-219.
    • (1979) Journal of Financial Economics , vol.7 , pp. 175-219
    • Smith, C.W.1    Warner, J.B.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.