Artigo em revista científica Q1
The role of collateral in the credit acquisition process: evidence from SME lending
Fábio Duarte (Duarte, F.); Ana Paula Matias Gama (Gama, A. P. M.); José Esperança (Esperança, J. P.);
Título Revista
Journal of Business Finance and Accounting
Ano
2016
Língua
Inglês
País
Reino Unido
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Abstract/Resumo
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.
Agradecimentos/Acknowledgements
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Palavras-chave
SME,Entrepreneurship signaling,Private information,Collateral
  • Economia e Gestão - Ciências Sociais
Registos de financiamentos
Referência de financiamento Entidade Financiadora
UID/GES/00315/2013 Fundação para a Ciência e a Tecnologia