1. The average loan balance is 3.6 million euros, but with a substantial standard deviation (14.35). The average maturity is short (0.62 years) and its standard deviation is comparatively large (? = 1.51). The short average maturity is to be expected, because short-term loans tend to be rolled over more frequently than long-term loans, thus making up a bigger fraction of the observations. In addition, because our dataset corresponds to a crisis period, the bank prefers the flexibility of short-term loans that get rolled over frequently. The majority of the loans are collateralized (85%). 21 We present the summary statistics for borrower-level variables in Panel B of Table 1;At the 5th percentile, the markup is significantly negative (-3.57%), whereas it is very large at the top 95th percentile (4.46%)
2. An Analytic Framework For Interpreting Investment Regressions In The Presence Of Financial Constraints
3. Precautionary Saving in a Financially-Constrained Firm
4. A pyrrhic victory? bank bailouts and sovereign credit risk;V Acharya;The Journal of Finance,2014