Does function follow organizational form? Evidence from the lending practices of large and small banks

被引:947
作者
Berger, AN
Miller, NH
Petersen, MA
Rajan, RG
Stein, JC [1 ]
机构
[1] Harvard Univ, Dept Econ, Cambridge, MA 02138 USA
[2] NBER, Cambridge, MA 02138 USA
[3] Univ Chicago, Chicago, IL 60637 USA
[4] Northwestern Univ, Evanston, IL 60208 USA
[5] Univ Calif Berkeley, Berkeley, CA 94720 USA
[6] Fed Reserve Syst, Board Governors, Washington, DC 20551 USA
基金
美国国家科学基金会;
关键词
organizations; soft information; banking;
D O I
10.1016/j.jfineco.2004.06.003
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Theories based on incomplete contracting suggest that small organizations have a comparative advantage in activities that make extensive use of "soft" information. We provide evidence consistent with small banks being better able to collect and act on soft information than large banks. In particular, large banks are less willing to lend to informationally "difficult" credits, such as firms with no financial records. Moreover, after controlling for the endogeneity of bank-firm matching, we find that large banks lend at a greater distance, interact more impersonally with their borrowers, have shorter and less exclusive relationships, and do not alleviate credit constraints as effectively. (c) 2005 Elsevier B.V. All rights reserved.
引用
收藏
页码:237 / 269
页数:33
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