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Reduction In Information Asymmetry And Credit Access For Small And Medium-Sized Enterprises

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  • Andrea Moro
  • Matthias Fink
  • Daniela Maresch

Abstract

type="main" xml:lang="en"> We examine the relation between the quality, quantity, completeness, and timeliness of the information loan managers obtain from small and medium-sized enterprises (SMEs) and the amount of short-term credit provided to them by looking at 828 loan–manager–SME relationships in Italy. The result suggests that a reduction in information asymmetry is associated with a greater amount of credit. Moreover, the reduction in information asymmetry has a relevant economic impact on the amount of short-term credit obtained: the amount of credit provided increases by 12% when asymmetry reduces by one notch. Our results are robust to alternative specifications and to endogeneity.

Suggested Citation

  • Andrea Moro & Matthias Fink & Daniela Maresch, 2015. "Reduction In Information Asymmetry And Credit Access For Small And Medium-Sized Enterprises," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 38(1), pages 121-143, March.
    • Handle: RePEc:bla:jfnres:v:38:y:2015:i:1:p:121-143
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