Adverse selection, endogenous borrowing constraints and firm growth

Adverse selection, endogenous borrowing constraints and firm growth

If banks face asymmetric information about loan quality, endogenous borrowing constraints which restrict the size of new firms may emerge in equilibrium. High quality firms reduce financing costs by starting off small and increasing their size over time.

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Veröffentlicht in:Economics letters 2010-08, Vol.108 (2), p.219-221
Hauptverfasser: Fishman, Arthur, Krausz, Miriam
Format: Artikel
Sprache:eng
Schlagworte:
Access to capital
Asymmetric information
Bank loans
Corporate finance
Endogenous borrowing constraints
Endogenous borrowing constraints Firm growth Asymmetric information
Firm growth
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container_end_page 221
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container_title Economics letters
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creator Fishman, Arthur
Krausz, Miriam
description If banks face asymmetric information about loan quality, endogenous borrowing constraints which restrict the size of new firms may emerge in equilibrium. High quality firms reduce financing costs by starting off small and increasing their size over time.
doi_str_mv 10.1016/j.econlet.2010.04.038
format Article
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1873-7374
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source RePEc; Elsevier ScienceDirect Journals Complete
subjects Access to capital
Asymmetric information
Bank loans
Corporate finance
Endogenous borrowing constraints
Endogenous borrowing constraints Firm growth Asymmetric information
Firm growth
title Adverse selection, endogenous borrowing constraints and firm growth
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