NDLI: 'Keeping it Personal' or 'Getting Real'? On the Drivers and Effectiveness of Personal versus Real Loan Guarantees

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'Keeping it Personal' or 'Getting Real'? On the Drivers and Effectiveness of Personal versus Real Loan Guarantees

Content Provider	Scilit
Author	Mayordomo, Sergio Moreno, Antonio Ongena, Steven Rodriguez-Moreno, Maria
Copyright Year	2017
Description	Journal: SSRN Electronic Journal Little is known about the drivers and effectiveness of personal as opposed to real loan guarantees provided by firms. This paper studies a dataset of 477,209 loan contracts granted over the 2006-2014 period by one Spanish financial institution consisting of several distinguishable organisational units. While personal guarantees are mostly driven by the economic environment as reflected in firm and bank conditions, real guarantees are mostly explained by loan characteristics. In response to higher capital requirements imposed by the European authorities in 2011, personal guarantee requirements increased significantly more than their real counterparts. Our results imply that personal guarantees can discipline firms in their risk-taking, but their overuse can limit this positive effect and damage their performance.
Related Links	http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/17/Fich/dt1715e.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=2964709
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.2964709
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2017-05-08
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Personal Guarantees Real Loan Guarantees
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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