The Optimal Concentration of Creditors  

Oleh:

Welch, Ivo ; Bris, Arturo

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 5 (Oct. 2005), page 2193-2212.
Topik: credit; studies; economic models; creditors; correlation analysis; business costs
Fulltext: p 2193.pdf (142.75KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Our model assumes that creditors need to expend resources to collect on claims. Consequently, because diffuse creditors suffer from mutual free - riding (holmstrom (1982)), they fare worse than concentrated creditors (e. g. house bank). The model predicts that measures of debt concetration relate positively to creditors' (aggregate) debt collection expenditures and positively to management's chosen expenditures to resist paying. However, collection activity is purely redistributive, so social waste is larger when creditors are concentrated. If borrower quality is not known, the best firms choose the most concentrated creditors and pay higher expected yields.

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