The Design of Bank Loan Contracts, Collateral, and Renegotiation
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Empirical evidence suggests that banks playa unique role in the savings-investment process, affecting firms' cost of capital and the level of investment. We argue that bank uniqueness is related to how the design of bank loan contracts allows banks to affect borrowers' choice of project risk. Unlike
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美国国家经济研究局创建时间：
1993-02-01
