Bank liquidity provision across the firm size distribution
We use supervisory loan-level data to document that small firms (SMEs) obtain shorter maturity credit lines than large firms, post more collateral, have higher utilization rates, and pay higher spreads. We rationalize these facts as the equilibrium outcome of a trade-off between lender commitment an...
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| Published in: | Journal of financial economics Vol. 144; no. 3; pp. 908 - 932 |
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| Main Authors: | , , , |
| Format: | Journal Article |
| Language: | English |
| Published: |
Amsterdam
Elsevier B.V
01.06.2022
Elsevier Sequoia S.A |
| Subjects: | |
| ISSN: | 0304-405X, 1879-2774 |
| Online Access: | Get full text |
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| Abstract | We use supervisory loan-level data to document that small firms (SMEs) obtain shorter maturity credit lines than large firms, post more collateral, have higher utilization rates, and pay higher spreads. We rationalize these facts as the equilibrium outcome of a trade-off between lender commitment and discretion. Using the COVID recession, we test the prediction that SMEs are subject to greater lender discretion. Consistent with this hypothesis, SMEs did not draw down whereas large firms did, even in response to similar demand shocks. PPP recipients reduced non-PPP loan balances, indicating the program bolstered their liquidity and alleviated the shortfall. |
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| AbstractList | We use supervisory loan-level data to document that small firms (SMEs) obtain shorter maturity credit lines than large firms, post more collateral, have higher utilization rates, and pay higher spreads. We rationalize these facts as the equilibrium outcome of a trade-off between lender commitment and discretion. Using the COVID recession, we test the prediction that SMEs are subject to greater lender discretion. Consistent with this hypothesis, SMEs did not draw down whereas large firms did, even in response to similar demand shocks. PPP recipients reduced non-PPP loan balances, indicating the program bolstered their liquidity and alleviated the shortfall. |
| Author | Luck, Stephan Plosser, Matthew Darmouni, Olivier Chodorow-Reich, Gabriel |
| Author_xml | – sequence: 1 givenname: Gabriel surname: Chodorow-Reich fullname: Chodorow-Reich, Gabriel email: chodorowreich@fas.harvard.edu organization: Harvard University, United States – sequence: 2 givenname: Olivier surname: Darmouni fullname: Darmouni, Olivier organization: Columbia University, United States – sequence: 3 givenname: Stephan surname: Luck fullname: Luck, Stephan organization: Federal Reserve Bank of New York, United States – sequence: 4 givenname: Matthew surname: Plosser fullname: Plosser, Matthew organization: Federal Reserve Bank of New York, United States |
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| Keywords | PPP Firm size E44 H32 G21 G32 Bank liquidity COVID recession |
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| Title | Bank liquidity provision across the firm size distribution |
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