Agency cost of debt and lending market competition : Is there a relationship?

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dc.contributor Suomen Pankki Koskela, Erkki Stenbacka, Rune 2014-09-22T07:57:57Z 2014-09-22T07:57:57Z 2000
dc.identifier.isbn 951-686-673-5
dc.identifier.issn 0785-3572
dc.description.abstract We address the question of how lending market competition, measured by the bargaining power of banks, affects the agency costs of debt finance.It is shown that intensified lending market competition will lead to lower lending rates and investment return distributions which are shifted towards lower, but less risky returns.Consequently, it follows that increased lending market competition will reduce the agency cost of debt financing.Hence, our analysis does not lend support to the commonly held view that there would be a trade-off between more intensive lending market competition and higher agency costs of debt finance.
dc.format.extent 20 s.
dc.language.iso eng
dc.subject luotonanto
dc.subject kilpailu
dc.subject pankkitoiminta
dc.subject luotot
dc.subject kustannukset
dc.subject rahoitus
dc.subject SP
dc.title Agency cost of debt and lending market competition : Is there a relationship?
dc.type Sarjajulkaisu
dc.identifier.urn URN:NBN:fi:bof-20140807115 Suomen Pankin keskustelualoitteita
dc.series.year 2000
dc.series.number 12/2000
dc.series.sortingnumber 12 2.10.2000

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