| dc.creator |
Elsas, Ralf |
|
| dc.creator |
Heinemann, Frank |
|
| dc.creator |
Tyrell, Marcel |
|
| dc.date |
2004 |
|
| dc.date.accessioned |
2013-10-16T07:01:49Z |
|
| dc.date.available |
2013-10-16T07:01:49Z |
|
| dc.date.issued |
2013-10-16 |
|
| dc.identifier |
http://hdl.handle.net/10419/18889 |
|
| dc.identifier |
ppn:47075415X |
|
| dc.identifier.uri |
http://koha.mediu.edu.my:8181/xmlui/handle/10419/18889 |
|
| dc.description |
Empirical evidence suggests that even those firms presumably most in need of monitoringintensive financing (young, small, and innovative firms) have a multitude of bank lenders, where one may be special in the sense of relationship lending. However, theory does not tell us a lot about the economic rationale for relationship lending in the context of multiple bank financing. To fill this gap, we analyze the optimal debt structure in a model that allows for multiple but asymmetric bank financing. The optimal debt structure balances the risk of lender coordination failure from multiple lending and the bargaining power of a pivotal relationship bank. We show that firms with low expected cash-flows or low interim liquidation values of assets prefer asymmetric financing, while firms with high expected cash-flow or high interim liquidation values of assets tend to finance without a relationship bank. |
|
| dc.language |
eng |
|
| dc.publisher |
|
|
| dc.relation |
CESifo working papers 1251 |
|
| dc.rights |
http://www.econstor.eu/dspace/Nutzungsbedingungen |
|
| dc.subject |
G21 |
|
| dc.subject |
G78 |
|
| dc.subject |
G33 |
|
| dc.subject |
ddc:330 |
|
| dc.subject |
relationship lending |
|
| dc.subject |
multiple bank financing |
|
| dc.subject |
lender coordination |
|
| dc.subject |
Fremdkapital |
|
| dc.subject |
Kredit |
|
| dc.subject |
Bank |
|
| dc.subject |
Finanzierung |
|
| dc.subject |
Lieferanten-Kunden-Beziehung |
|
| dc.subject |
Theorie |
|
| dc.title |
Multiple but asymmetric bank financing : the case of relationship lending |
|
| dc.type |
doc-type:workingPaper |
|