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- URN to cite this document:
- urn:nbn:de:bvb:355-epub-365544
- DOI to cite this document:
- 10.5283/epub.36554
Abstract
This paper analyzes contract efficiency with regard to correlated project realization and the size of the borrowers in group lending. Firstly, I show that under the standard assumption of independent project payoffs, the expected group cost of default decreases with group size. Secondly, I show that small groups can also optimize group efficiency if individual payoffs and credit risks are ...
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