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Export Reference (APA) 
Duarte, F., Gama, A. P. M. & Esperança, J. P. (2016). The role of collateral in the credit acquisition process: Evidence from SME lending. Journal of Business Finance and Accounting. 43 (5-6), 693-728
Export Reference (IEEE) 
F. Duarte et al.,  "The role of collateral in the credit acquisition process: Evidence from SME lending", in Journal of Business Finance and Accounting, vol. 43, no. 5-6, pp. 693-728, 2016
Export BibTeX 
@article{duarte2016_1775165313875,
	author = "Duarte, F. and Gama, A. P. M. and Esperança, J. P.",
	title = "The role of collateral in the credit acquisition process: Evidence from SME lending",
	journal = "Journal of Business Finance and Accounting",
	year = "2016",
	volume = "43",
	number = "5-6",
	doi = "10.1111/jbfa.12207",
	pages = "693-728",
	url = "http://onlinelibrary.wiley.com/doi/10.1111/jbfa.12207/abstract"
}
Export RIS 
TY  - JOUR
TI  - The role of collateral in the credit acquisition process: Evidence from SME lending
T2  - Journal of Business Finance and Accounting
VL  - 43
IS  - 5-6
AU  - Duarte, F.
AU  - Gama, A. P. M.
AU  - Esperança, J. P.
PY  - 2016
SP  - 693-728
SN  - 0306-686X
DO  - 10.1111/jbfa.12207
UR  - http://onlinelibrary.wiley.com/doi/10.1111/jbfa.12207/abstract
AB  - This study tests the simultaneous impact of observed characteristics and private information on debt term contracts in a multi-period setting, using a dataset of 12,666 credit approvals by one major Portuguese commercial bank during 2007–2010. The main results show that borrowers with good credit scores that know they have a high probability of success and are unlikely to default are more willing to pledge collateral in return for a lower interest rate premium (IRP). Furthermore, lenders tailor the specific terms of the contract, increasing both collateral requirements and the IRP from observed risk, for borrowers operating in riskier industries and with less credit availability. The results are robust to controls for joint debt terms negotiation and the degree of collateralization offered by the borrower.
ER  -