By Vania Sena
Collateral - regularly outlined as an asset used to supply safety for a lender's personal loan - is a crucial characteristic of credits contracts and all of the to be had facts means that its use is getting extra pervasive. This informative ebook builds upon contemporary examine into this subject. Sena analyses 3 case-studies that revolve round the effect that monetary constraints have on financial results. within the first case-study, the connection among companies’ technical potency and extending monetary strain is explored. the writer then is going directly to exhibit, within the moment case examine, that less than particular situations, expanding monetary strain and lengthening product marketplace festival can together have a favorable impression on businesses’ technical potency, whereas no longer being real for all sorts of businesses. within the 3rd case, she analyses the impression that finance constraints have on women’s start-ups.
Unique and revealing, this is often the 1st booklet to deal so greatly with the subject of collateral, and as such, is a worthwhile connection with postgraduates and execs within the fields of macroeconomics, financial and enterprise economics.
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Additional info for Credit and Collateral
Indeed, the belief that such discrimination exists may prevent womenowned businesses from applying for loans (Coleman, 2000) and may limit the size of the loan applied for by women-owned businesses (compared to the size of the loan applied for by businesses owned by men). Finally, it is possible that female- and men-led firms have different characteristics and this may explain the different financing patterns. What is the evidence in favour of each of these explanations? Both objective and subjective evidence of discrimination has been found.
Also, the negative shock has a negative impact on pay rises while interestingly enough, increasing financial pressure has a small positive effect on total factor productivity. One explanation for this is that workers may be willing to accept a reduction in wages to offset the negative impact of financial constraints and this, jointly with the fact that managers are risk-averse, may explain the positive impact of financial pressure on productivity. A related line of research has considered the relationship between the state of competition in the product market and the financial pressure.
In Chapter 4, I show that under specific circumstances, increasing financial pressure and increasing product market competition can have a complementary, positive impact on firms’ technical efficiency unlike what the empirical literature in this area suggests. Indeed, I suggest this is the case in firms where for institutional reasons the individual remuneration is directly affected by the firm’s performance and therefore there exists a clear channel through which the state of the competition in the product market and the credit conditions can directly affect the firm’s performance.