The Uniqueness of Short-term Collateralization PDF Download

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The Uniqueness of Short-term Collateralization

The Uniqueness of Short-term Collateralization PDF Author: Leora Klapper
Publisher: World Bank Publications
ISBN:
Category : Bank loans
Languages : en
Pages : 44

Book Description
A secured letter-of-credit loan allows a lender to make larger loans than would be permissible on an unsecured basis, maximizing a risky borrower's investment capital. Empirical evidence shows that secured letters of credit are used by borrowers who are informationally opaque and have higher observable risk. Such borrowers also have fewer growth opportunities and are less likely to pay dividends.
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