LANG, WILLIAM W.; NAKAMURA, LEONARD I. - In: Journal of Finance 44 (1989) 3, pp. 731-746
type="main" xml:lang="en" <title type="main">ABSTRACT</title> <p>This paper examines dynamic information losses associated with loan terminations. We assume that the aggregated returns of current borrowers contain information about the mean returns to future borrowers. In a competitive loan market, the value of this...</p>