| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15785 |
| DP15785 Corporate Optimism and Bank Lending | |
| Filippo De Marco; julien sauvagnat; Enrico Sette | |
| 发表日期 | 2021-02-09 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study how lenders respond to excessive optimism in the corporate sector. Our identification relies on plausibly exogenous variation in optimism across areas in Italy. We document that firms in optimistic areas hold favorable views about their own business, and that they are more likely to default on their debt. Banks are more likely to deny credit to firms in optimistic areas, but only for loans that cannot be easily collateralized. Our findings provide empirical support for the theoretical prediction that banks' collateral provision reduces the efficiency of the credit market when the corporate sector is prone to excessive optimism. |
| 主题 | Financial Economics |
| 关键词 | Optimism Business expectations Loan applications Borrower default Collateral requirements |
| URL | https://cepr.org/publications/dp15785 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544785 |
| 推荐引用方式 GB/T 7714 | Filippo De Marco,julien sauvagnat,Enrico Sette. DP15785 Corporate Optimism and Bank Lending. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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