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1、DoesCorporateLendingbyBanksandFinanceCompaniesDiffer?EvidenceonSpecializationinPrivateDebtContractingMarkCareyMitchPostandStevenA.SharpeFederalReserveBoardJune6,1996Keywords:privatedebt,bankloan,financecompany,corporatedebtJELClassification:G20,G32Theviewsexpressedhereinare
2、theauthors’anddonotnecessarilyreflectthoseoftheBoardofGovernorsorthestaffoftheFederalReserveSystem.WewouldliketoacknowledgeexcellentresearchassistanceprovidedbyMargaretKyle.AddresscorrespondencetoMarkCarey,MailStop180,FederalReserveBoard,Washington,DC20551.(202)452-2784(voi
3、ce),(202)452-5295(fax),mcarey@frb.gov(email).1.IntroductionMuchoftherecentresearchonfinancialcontractingandintermediationfocusesonthedistinctionbetweenprivateandpublicdebtcontracts.Thecentralthemeofthisresearchconcernswhy,andtowhatdegree,privatemarketsuppliersofcreditarebet
4、tersuitedthanpubliccreditorstofinance“information-problematic”borrowers,orallbuttheleastriskyandwell-knownfirms.Privatemarketlendersarethoughttohavestrongerincentivesorgreaterabilitytomonitorborrowers(Diamond1984,1991;Fama1985),ortobebetterpositionedthanpubliccreditorstoren
5、egotiatecontracttermsorexercisecontrolrightsintheeventofaproblem(BerlinandMester1992;GortonandKahn1993).Inaddition,avaluedreputationenhancesprivatemarketlenders’abilitytomakecrediblecommitmentstoactingoodfaithshouldaborrowerexperienceproblems(ChemmanurandFulghieri,1994).Per
6、hapsmainlyforsimplicity,almostallstudiestodatehaveanalyzedgenericintermediariesandprivatedebt(“banks”and“bankloans”).Manyimportantquestionsariseincorporatefinanceandfinancialintermediation,however,ifdifferenttypesofbusinesslendersorprivatedebtcontractsarespecializedtodiffer
7、entborrowers,aspractitionersoftensuggest.Whydoesspecializationarise,andwhatcanbelearnedaboutprivatedebtingeneralbyanexaminationofit?Whichlendersandwhichtypesofprivatedebtshouldagivenborroweruse?Aredifferentcapitalorfundingstructuresoptimalforintermediarieswithdifferentlendi
8、ngspecialties?Howshoulddifferentkindsofprivatelendingberegulated,ifatall?Inwholesa
