Marco Ghitti, "Creditor Rights, Bank-Borrower Relationships and Bank Power" скачать в хорошем качестве

Marco Ghitti, "Creditor Rights, Bank-Borrower Relationships and Bank Power"

Published in Management Science Authors: Marco Ghitti (dSEA University of Padua) Florencio Lopez-de-Silanes (SKEMA Business School, Université Côte d’Azur and NBER, Cambridge) Rafael Matta (SKEMA Business School, Université Côte d’Azur) The authors study how relationship lending affects the transmission of bankruptcy reforms on credit terms and bank enforcement mechanisms, using a unique database containing the universe of credits of a large Italian bank. Lower creditor rights lead the bank to reduce expected recovery rates, worsen credit terms, and tighten bank enforcement actions. Bank-borrower power dampens the terms’ impact at the cost of tougher borrower renegotiations. Older and more credit-dependent borrowers receive less unfavorable terms but see larger increases in credit suspensions and legal actions. Results suggest that policies curbing credit enforcement weaken the role of bank power in dampening economic shocks. Read the full paper: https://unipd.link/Paper_Ghitti_Credi...