{"id":8650,"date":"2012-12-30T16:04:00","date_gmt":"2012-12-30T15:04:00","guid":{"rendered":"https:\/\/casmef.luiss.it\/publications\/sme-financing-and-the-choice-of-lending-technology-in-italy-complementarity-or-substitutability\/"},"modified":"2026-11-05T12:49:53","modified_gmt":"2026-11-05T11:49:53","slug":"sme-financing-and-the-choice-of-lending-technology-in-italy-complementarity-or-substitutability","status":"publish","type":"casmef_publication","link":"https:\/\/casmef.luiss.it\/en\/publications\/sme-financing-and-the-choice-of-lending-technology-in-italy-complementarity-or-substitutability\/","title":{"rendered":"SME Financing and the Choice of Lending Technology in Italy: Complementarity or Substitutability?\u00a0"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Abstract: This paper investigates SME financing in Italy. The literature distinguishes between two main different lending technologies (LTs) for SMEs: transactional<br>and relationship LTs. We find that banks lend to SMEs by using both LTs together, independently of the size and proximity of borrowers. Moreover, we show that when soft information is taken into account in transactional (relationship) lending it increases (decreases) the probability of firms being credit rationed. These results support the view that LTs can be complementary, but reject the hypothesis that substitutability among LTs is somehow possible for outsiders by means of hardening of soft information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bartoli F, Ferri G, Murro P, Rotondi Z. CASMEF Working Paper Series. 2012;(12). <\/p>\n","protected":false},"template":"","publication_type":[559],"class_list":["post-8650","casmef_publication","type-casmef_publication","status-publish","hentry"],"acf":{"pub_unit":8775,"pub_file":8649},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SME Financing and the Choice of Lending Technology in Italy: Complementarity or Substitutability?\u00a0 - Casmef<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/casmef.luiss.it\/en\/publications\/sme-financing-and-the-choice-of-lending-technology-in-italy-complementarity-or-substitutability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SME Financing and the Choice of Lending Technology in Italy: Complementarity or Substitutability?\u00a0 - Casmef\" \/>\n<meta property=\"og:description\" content=\"Bartoli F, Ferri G, Murro P, Rotondi Z. 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