constitutions: nonprofit cooperatives and outside ownership. In the former, ownership is shared among a group of consumers on a one …

This paper argues that worker cooperatives are prone to redistribution among members, and that this redistribution … model can explain why cooperatives typically have egalitarian wage policies …

, and more timely, availability of borrower credit records, as well as the greater ease of processing these may explain the …

banks in providing credit to smaller borrowers about whom information is least complete and, more generally, support the …

Most aggregate theories of financial frictions model credit available at a single cost of financing but rationed …. However, using a comprehensive firm-level credit registry, we document both high levels and high dispersion in credit spreads … external financing, dispersion has more profound impacts on aggregate development than single-price credit rationing and yields …

Using confidential regulatory firm-bank-loan level data from the U.S., we document four new facts about the credit … market. First, private SMEs typically utilize all available bank credit which comprises their entire balance sheet debt …, compared to large listed firms who can switch between corporate bonds and drawing from credit lines. Second, SMEs borrow …

private lenders but federally guaranteed, largely eliminating unobservable credit risk as a factor in explaining differential … to show that the disparity is not primarily explained by differences in pre-existing bank or credit relationships, firm …

Information asymmetries are known in theory to lead to inefficiently low credit provision, yet empirical estimates of … to estimate welfare losses arising from asymmetric information in the market for online consumer credit. Building on … price distortions, we find only small overall welfare losses, particularly for high-credit-score borrowers …

-performers drop. The magnitude of this difference implies that an individual lender's credit allocation choices matter for aggregate … larger loans based on prior performance is not efficient. Our results have important implications for credit expansion policy …