Albertazzi, Ugo; Bottero, Margherita; Gambacorta, Leonardo - 2021
analysis confirms the presence of information frictions in the SME loan securitisation market. Second, the unconditional … markets anticipate the presence of information frictions and lead to a selection of loans which offsets the detrimental … effects of asymmetric information. Third, using data for firms that maintain multiple bank relationships, we obtain …