Podrobná bibliografia
| Názov: |
Outsourcing Bank Loan Screening: The Economics of Third‐Party Loan Guarantees. |
| Autori: |
SHAN, CHENYU (AUTHOR) shan.chenyu@mail.sufe.edu.cn, TANG, DRAGON YONGJUN (AUTHOR), WANG, WENYA (AUTHOR) |
| Zdroj: |
Journal of Money, Credit & Banking (John Wiley & Sons, Inc.). Jan2025, p1. 40p. 6 Illustrations. |
| Predmety: |
*BANK loans, *CONTRACTING out, *DEFAULT (Finance), *COLLATERAL security, PREDICTION models |
| Abstrakt: |
We provide the first theoretical and empirical study on third‐party loan guarantees, a prevalent financing channel worldwide for small borrowers. In our model, the project default probability is unobservable but can be probabilistically discovered with a screening cost. Guarantors, who are more cost‐effective in screening than banks, investigate borrowers and facilitate the financing of borrowers with insufficient collateral. Our data support this outsourcing theory: guarantor's risk measure predicts firms' default losses. Patterns of guarantee fees and loan rates are consistent with model predictions. Our findings illustrate how guarantors produce information and increase the efficiency of small business lending. [ABSTRACT FROM AUTHOR] |
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Copyright of Journal of Money, Credit & Banking (John Wiley & Sons, Inc.) is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) |
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