TAILIEUCHUNG - Lines of Credit and Relationship Lending in Small Firm Finance

Supporters of credit scoring note that credit scores have statistical validity, and are predictive of repayment behavior for large populations. However, this does not mean that credit data are error free, nor that credit scoring models are perfect predictors of individual creditworthiness; it only means that they work on average. While the systems do present an accurate risk profile of a large numbers of consumers, data users who manage large numbers of accounts priced by credit risk have a greater tolerance for errors in credit scoring systems than consumers do. Among those consumers who are inaccurately characterized,. | Wharton Financial Institutions Center Lines of Credit and Relationship Lending in Small Firm Finance by Allen N. Berger Gregory F. Udell 94-11 The Wharton School University of Pennsylvania THE WHARTON FINANCIAL INSTITUTIONS CENTER The Wharton Financial Institutions Center provides a multi-disciplinary research approach to the problems and opportunities facing the financial services industry in its search for competitive excellence. The Center s research focuses on the issues related to managing risk at the firm level as well as ways to improve productivity and performance. The Center fosters the development of a community of faculty visiting scholars and . candidates whose research interests complement and support the mission of the Center. The Center works closely with industry executives and practitioners to ensure that its research is informed by the operating realities and competitive demands facing industry participants as they pursue competitive excellence. Copies of the working papers summarized here are available from the Center. If you would like to learn more about the Center or become a member of our research community please let us know of your interest. Anthony M. Santomero Director The Working Paper Series is made possible by a generous grant from the Alfred P. Sloan Poundalion Lines of Credit and Relationship Lending in Small Firm Finance 1 March 1994 Abstract This paper examines the role of relationship lending using a data set on small firm finance. The abilities to acquire private information over time about borrower quality and to use this information in designing debt contracts largely define the unique nature of commercial banking. Recently a theoretical literature on relationship lending has appeared which provides predictions about how loan interest rates evolve over the course of a bank-borrower relationship. The study focuses on small mostly untraded firms for which the bank-borrower relationship is likely to be important. The authors .

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