Han, Liang, Storey, David J and Fraser, Stuart (2008) The concentration of creditors: Evidence from small businesses. Applied Financial Economics, 18 (20). pp. 1647-1656. ISSN 09603107
Full text not available from this repository.Abstract
This article examines the determinants of concentration of creditors. The empirical evidence drawn from this article supports the proposition of Bolton and Scharfstein (1996) that for negotiation reasons, high-quality borrowers tend to borrow from multiple sources and is contrary to the theoretical prediction of Bris and Welch (2005). This finding implies the existence of hold-up problems in financing small businesses where information conveyance is difficult between lenders. It is further supported by the evidence that dispersed bank relationships are associated with relationships of a longer history and a closer physical distance to lenders.
Item Type: | Article |
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Schools and Departments: | University of Sussex Business School > Business and Management |
Depositing User: | David Storey |
Date Deposited: | 06 Feb 2012 21:03 |
Last Modified: | 26 Mar 2012 08:04 |
URI: | http://sro.sussex.ac.uk/id/eprint/29309 |