eprintid: 2223
rev_number: 8
eprint_status: archive
userid: 6
dir: disk0/00/00/22/23
datestamp: 2014-06-30 13:36:44
lastmod: 2014-06-30 13:36:59
status_changed: 2014-06-30 13:36:44
type: article
metadata_visibility: show
creators_name: Calcagnini, Giorgio
creators_name: Iacobucci, Donato
creators_name: Ticchi, Davide
creators_id: 
creators_id: 
creators_id: davide.ticchi@imtlucca.it
title: Credit rationing and firm size
ispublished: pub
subjects: HB
divisions: EIC
full_text_status: public
abstract: This paper examines the likelihood of credit rationing faced by firms of different size. Contrary 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.
date: 1998
publication: Moneta e credito
volume: 51
number: 202
publisher: Associazione Paolo Sylos Labini
pagerange: 198-214
refereed: TRUE
issn: 0026-9611
citation:   Calcagnini, Giorgio and Iacobucci, Donato and Ticchi, Davide  Credit rationing and firm size.  Moneta e credito, 51 (202).  pp. 198-214.  ISSN 0026-9611      (1998)  
document_url: http://eprints.imtlucca.it/2223/1/Moneta%26Credito_1998.pdf