Original title: Three Essays on Asymmetric Information in SME Finance and Microfinance
Translated title: Three Essays on Asymmetric Information in SME Finance and Microfinance
Authors: Wang, Yao ; Drábek, Zdenek (advisor) ; Janda, Karel (referee) ; Brada, Josef C. (referee) ; Kutan, Ali M. (referee)
Document type: Doctoral theses
Year: 2022
Language: eng
Abstract: This dissertation thesis consists of three essays on asymmetric information problem in small and medium sized enterprises (SMEs) finance and Microfinance. The aim of the thesis is to address the key problem in the credit rationing in the SME finance and microfinance and strive to improve the credit analyzing model with the help of soft information. The first essay investigates the factors that hinder the growth of SMEs using a World Bank dataset, and access to finance is found to be their biggest constrain to growth. Asymmetric information between small business owners and banks generates high interest rates, complex application procedures and high collateral requirements, which are found to be the biggest obstacles business owners face when they seek external financing. Small business owners who cannot get loans from banks will turn to microfinance as an alternative source of funds. In the second essay, a new dataset from disintermediated Peer to Peer (P2P) lending market is used to investigate credit rationing efficiency when there is no financial intermediary. The results show the existence of adverse selection where investors are predisposed to making inaccurate diagnoses of signals and gravitate to borrowers with low creditworthiness, while inadvertently screening out those with high...
Keywords: Asymmetric Information; Behavioral Economics; Fintech; Microfinance; SMEs; Soft Information; Asymmetric Information; Behavioral Economics; Fintech; Microfinance; SMEs; Soft Information

Institution: Charles University Faculties (theses) (web)
Document availability information: Available in the Charles University Digital Repository.
Original record: http://hdl.handle.net/20.500.11956/173849

Permalink: http://www.nusl.cz/ntk/nusl-507628


The record appears in these collections:
Universities and colleges > Public universities > Charles University > Charles University Faculties (theses)
Academic theses (ETDs) > Doctoral theses
 Record created 2022-07-24, last modified 2024-01-26


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