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Razionamento del credito e dimensioni di impresa

Calcagnini, Giorgio and Iacobucci, Donato and Ticchi, Davide Razionamento del credito e dimensioni di impresa. Moneta e credito, 202 (51). pp. 197-214. ISSN 0026-9611 (1998)

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This paper examines the likelihood of credit rationing faced by firms of dif­ferent size. Cantrary to common thought, several recent contributions on this topic argue that, when rationing credit, size alone is not a sufficient con­dition for discriminating between firms. We show that this result can be predicted using a framework based on the Stiglitz-Weiss model. In particular, in an environment of asymmetric information, we highlight how the likeli­hood of credit rationing depends upon the shape of the,distribution function of project returns, especially its asymmetry and Kurtosis. Our empirical re­sults do not support the hypothesis that small firms face more credit ration­ing than larger firms.

Item Type: Article
Additional Information: Associazione PSL ©1998
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
Research Area: Economics and Institutional Change
Depositing User: Prof Davide Ticchi
Date Deposited: 09 Aug 2011 11:07
Last Modified: 30 Jun 2014 13:29
URI: http://eprints.imtlucca.it/id/eprint/781

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