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- W2315207718 abstract "Information theory has been employed in modeling a wide variety of financial economic phenomena. Ross [9] used the incentive-signalling approach to develop a theory of financial structure for firms. Leland and Pyle [5] theorized that intermediation can solve the problem of moral hazard which inhibits the production role of information. Campbell and Kracaw [4] examined the problems of an intermediary as an information producer in an imperfect market. It is the purpose of this note to extend this methodology to the problem of evaluating the impact of loan contract provisions on default risk. More precisely, an incentive approach is used in Section II to develop a model which formalizes the effect of default penalties on default risk. That is, the incentives are imposed by lenders to constitute self-selection mechanisms. This section concludes with the derivation of the optimal penalty structure. Section III employs the model of the preceding section to evaluate the impact on default risk of selected loan provisions. These are collateral, down payment, cosigner, and equity kicker. Thus, the focus is shifted from the abstract concept of a default penalty to the realism of familiar contractual terms." @default.
- W2315207718 created "2016-06-24" @default.
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- W2315207718 date "1982-04-01" @default.
- W2315207718 modified "2023-09-23" @default.
- W2315207718 title "An Incentive Framework for Evaluating the Impact of Loan Provisions on Default Risk" @default.
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- W2315207718 doi "https://doi.org/10.2307/1058270" @default.
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