The uniqueness of short-term collateralization / Leora Klapper Klapper, Leora

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Author
Klapper, Leora
Subjects
Lines of credit.; Commercial loans - Econometric models.; Security (Law)
Summary
A secured letter-of-credit loan allows a lender to make larger loans than would be permissible on an unsecured basis, maximizing a risky borrower's investment capital. Empirical evidence shows that secured letters of credit are used by borrowers who are informationally opaque and have higher observable risk. Such borrowers also have fewer growth opportunities and are less likely to pay dividends.
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http://trove.nla.gov.au/work/109322
Work ID
109322

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