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The concentration of creditors: evidence from small businesses
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Han, Liang, Storey, D. J. and Fraser, Stuart (2008) The concentration of creditors: evidence from small businesses. Applied Financial Economics, Vol.18 (No.20). pp. 1647-1656. doi:10.1080/09603100701720476 ISSN 0960-3107.
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Official URL: http://dx.doi.org/10.1080/09603100701720476
Abstract
This article examines the determinants of concentration of creditors. The empirical evidence drawn from this article supports the proposition of Bolton and Scharfstein (1996) that for negotiation reasons, high-quality borrowers tend to borrow from multiple sources and is contrary to the theoretical prediction of Bris and Welch (2005). This finding implies the existence of hold-up problems in financing small businesses where information conveyance is difficult between lenders. It is further supported by the evidence that dispersed bank relationships are associated with relationships of a longer history and a closer physical distance to lenders.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HJ Public Finance | ||||
Divisions: | Faculty of Social Sciences > Warwick Business School > Centre for Small & Medium-Sized Enterprises Faculty of Social Sciences > Warwick Business School |
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Journal or Publication Title: | Applied Financial Economics | ||||
Publisher: | Routledge | ||||
ISSN: | 0960-3107 | ||||
Official Date: | 2008 | ||||
Dates: |
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Volume: | Vol.18 | ||||
Number: | No.20 | ||||
Number of Pages: | 10 | ||||
Page Range: | pp. 1647-1656 | ||||
DOI: | 10.1080/09603100701720476 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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