{"id":56053,"date":"2023-12-01T18:54:31","date_gmt":"2023-12-01T17:54:31","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/individual-credit-market-experience-and-perception-of-aggregate-bank-lending-evidence-from-a-firm-survey\/"},"modified":"2024-11-07T06:28:36","modified_gmt":"2024-11-07T05:28:36","slug":"individual-credit-market-experience-and-perception-of-aggregate-bank-lending-evidence-from-a-firm-survey","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/56053\/","title":{"rendered":"Individual Credit Market Experience and Perception of Aggregate Bank Lending. Evidence from a Firm Survey"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-56053","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"We show that firms' credit market experience determines their perception of aggregate bank lending policy using panel data from the Austrian Business Survey between 2011 and 2016. Loan rejections have a strongly negative and persistent effect on perceptions. Interestingly, firms that receive a loan at worse than anticipated conditions show a similarly negative effect. Firms that do not need a loan tend to perceive lending policy as neutral and revise their perceptions less often. Our findings are in line with theories on sticky information, rational inattention and pessimism bias and suggest considering experience for the aggregation of perceptions.","onlinedate":"2018-12-20 12:00:00","lang":"English","publication_series":"","publication_date":"20181201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"34","keywords":"[\"Perception of lending policy\",\"behavioral macroeconomics\",\"formation of perceptions\",\"pessimism bias\",\"rational inattention\",\"sticky information\"]","jelcodes":"[\"G21\",\"E51\",\"D03\"]","related_publications":"[]","pdf":387882,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"574","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2018-12-20 12:00:00","types":[44410],"research_groups":[3491],"collaboration":"","persons":[4537,15893,3607],"persons_data":"[{\"personId\":4537,\"personName\":\"Jarko Fidrmuc\",\"organisationNames\":[]},{\"personId\":15893,\"personName\":\"Christa Hainz\",\"organisationNames\":[]},{\"personId\":3607,\"personName\":\"Werner H\u00f6lzl\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Fidrmuc, J.<\\\/span>, Hainz, C.<span>, &amp; H\u00f6lzl, W.<\\\/span> (2018). <span>Individual Credit Market Experience and Perception of Aggregate Bank Lending. Evidence from a Firm Survey<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (574). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/61587\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/61587<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Fidrmuc J<\\\/span>, Hainz C<span>, H\u00f6lzl W<\\\/span>. <span class=\\\"title\\\"><span>Individual Credit Market Experience and Perception of Aggregate Bank Lending. Evidence from a Firm Survey<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2018 Dec;(574).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{d32393fc8d314cdc967870f7dc49a151,<\\\/div><div>  title    = \\\"Individual Credit Market Experience and Perception of Aggregate Bank Lending. Evidence from a Firm Survey\\\",<\\\/div><div>  abstract = \\\"We show that firms' credit market experience determines their perception of aggregate bank lending policy using panel data from the Austrian Business Survey between 2011 and 2016. Loan rejections have a strongly negative and persistent effect on perceptions. Interestingly, firms that receive a loan at worse than anticipated conditions show a similarly negative effect. Firms that do not need a loan tend to perceive lending policy as neutral and revise their perceptions less often. Our findings are in line with theories on sticky information, rational inattention and pessimism bias and suggest considering experience for the aggregation of perceptions.\\\",<\\\/div><div>  keywords = \\\"Perception of lending policy, behavioral macroeconomics, formation of perceptions, pessimism bias, rational inattention, sticky information, Perception of lending policy, behavioral macroeconomics, formation of perceptions, pessimism bias, rational inattention, sticky information\\\",<\\\/div><div>  author   = \\\"Jarko Fidrmuc and Christa Hainz and Werner H{\\\\\\\"o}lzl\\\",<\\\/div><div>  note     = \\\"Credit Market Experience and Perception of Aggregate Bank Lending\\\",<\\\/div><div>  year     = \\\"2018\\\",<\\\/div><div>  month    = dec,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Individual Credit Market Experience and Perception of Aggregate Bank Lending. Evidence from a Firm Survey<\\\/p><p>AU  - Fidrmuc, Jarko<\\\/p><p>AU  - Hainz, Christa<\\\/p><p>AU  - H\u00f6lzl, Werner<\\\/p><p>N1  - Credit Market Experience and Perception of Aggregate Bank Lending<\\\/p><p>PY  - 2018\\\/12<\\\/p><p>Y1  - 2018\\\/12<\\\/p><p>N2  - We show that firms' credit market experience determines their perception of aggregate bank lending policy using panel data from the Austrian Business Survey between 2011 and 2016. Loan rejections have a strongly negative and persistent effect on perceptions. Interestingly, firms that receive a loan at worse than anticipated conditions show a similarly negative effect. Firms that do not need a loan tend to perceive lending policy as neutral and revise their perceptions less often. Our findings are in line with theories on sticky information, rational inattention and pessimism bias and suggest considering experience for the aggregation of perceptions.<\\\/p><p>AB  - We show that firms' credit market experience determines their perception of aggregate bank lending policy using panel data from the Austrian Business Survey between 2011 and 2016. Loan rejections have a strongly negative and persistent effect on perceptions. Interestingly, firms that receive a loan at worse than anticipated conditions show a similarly negative effect. Firms that do not need a loan tend to perceive lending policy as neutral and revise their perceptions less often. Our findings are in line with theories on sticky information, rational inattention and pessimism bias and suggest considering experience for the aggregation of perceptions.<\\\/p><p>KW  - Perception of lending policy<\\\/p><p>KW  - behavioral macroeconomics<\\\/p><p>KW  - formation of perceptions<\\\/p><p>KW  - pessimism bias<\\\/p><p>KW  - rational inattention<\\\/p><p>KW  - sticky information<\\\/p><p>KW  - Perception of lending policy<\\\/p><p>KW  - behavioral macroeconomics<\\\/p><p>KW  - formation of perceptions<\\\/p><p>KW  - pessimism bias<\\\/p><p>KW  - rational inattention<\\\/p><p>KW  - sticky information<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Individual Credit Market Experience and Perception of Aggregate Bank Lending. 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