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Competition and loan contracting

delete2025-12-08
delete0
PRE
AI
X
Xunhua Su
E
Einar C Kjenstad
X
Xiaoyu Zhang *
DOI：10.1093/rof/rfaf054delete
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摘要

摘要

En 中文
借款人-贷款人关系的一个理论模型预测，竞争压力的增加会导致贷款契约限制性的降低，这种降低对于面临外部融资能力约束或产品市场竞争限制的借款人群体更为显著。这些预测源于竞争影响借款人绩效的动态，使得贷款人必须在控制代理问题的收益与借款人失去产品市场机会的更高成本之间进行权衡，最终降低契约的最优使用。我们发现这些预测得到了强有力的实证支持，突显了竞争在基于潜在代理问题的最优金融契约中的重要作用。

期刊

Review of Finance 封面图
Review of Finance
IF:
8.4
论文数:
909
被引数:
4.8K

机构

V
vrije universiteit amsterdam
学者数:
3.1K
论文数: 1.4K
被引数: 0
U
UIT The Arctic University of Norway
学者数:
520
论文数: 243
被引数: 9.5K
N
Norwegian School of Economics
学者数:
581
论文数: 744
被引数: 1.5K
Norges Bank 封面图
Norges Bank
学者数:
63
论文数: 65
被引数: 53
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