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Lending Booms, Reserves, and the Sustainability of Short-Term Debt : Inferences from the Pricing of Syndicated Bank Loans
Eichengreen, Barry - 1999
banks in providing credit to smaller borrowers about whom information is least complete and, more generally, support the …
Persistent link: https://www.econbiz.de/10012471681
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Measuring the Welfare Cost of Asymmetric Information in Consumer Credit Markets
DeFusco, Anthony A.; Tang, Huan; Yannelis, Constantine - National Bureau of Economic Research - 2021
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 …
Persistent link: https://www.econbiz.de/10012629490
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Big Loans to Small Businesses : Predicting Winners and Losers in an Entrepreneurial Lending Experiment
Bryan, Gharad; Karlan, Dean; Osman, Adam - National Bureau of Economic Research - 2021
-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 …
Persistent link: https://www.econbiz.de/10012629531
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The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting
Roberts, Michael R. - 2014
the financial health of the contracting parties and uncertainty regarding the borrowers' credit quality. The relative …
Persistent link: https://www.econbiz.de/10012458184
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Predatory Short Selling
Brunnermeier, Markus K. - 2013
Financial institutions may be vulnerable to predatory short selling. When the stock of a financial institution is shorted aggressively, leverage constraints imposed by short-term creditors can force the institution to liquidate long-term investments at fire sale prices. For financial...
Persistent link: https://www.econbiz.de/10012459149
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That's News to Me! Information Revelation in Professional Certification Markets
Jin, Ginger Zhe - 2006
Using sportscard grading as an example, we employ field experiments to investigate empirically the informational role of professional certifiers. In the past 20 years, professional grading of sportscards has evolved in a way that provides a unique opportunity to measure the information provision...
Persistent link: https://www.econbiz.de/10012466275
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Imperfect Information, Credit Markets and Unemployment
Greenwald, Bruce C. - 1986
This paper describes how imperfect information in both capital and labor markets can, in a context of maximizing firms and perfectly flexible prices and wages, give rise to cyclical variations in unemployment whose character closely resembles that of observed business cycles
Persistent link: https://www.econbiz.de/10012476976
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Persistent Private Information
Williams, Noah - 2008
This paper studies the design of optimal contracts in dynamic environments where agents have private information that is persistent. In particular, I focus on a continuous time version of a benchmark insurance problem where a risk averse agent would like to borrow from a risk neutral lender to...
Persistent link: https://www.econbiz.de/10012464753
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Firm-Specific Information and the Efficiency of Investment
Chari, Anusha - 2006
We use a new firm-level dataset to examine the efficiency of investment in emerging economies. In the three-year period following stock market liberalizations, the growth rate of the typical firm's capital stock exceeds its pre-liberalization mean by an average of 5.4 percentage points....
Persistent link: https://www.econbiz.de/10012466482
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SEC Regulation Fair Disclosure, Information, and the Cost of Capital
Gomes, Armando - 2004
We empirically investigate the effects of the adoption of Regulation Fair Disclosure ( Reg FD') by the U.S. Securities and Exchange Commission in October 2000. This rule was intended to stop the practice of selective disclosure,' in which companies give material information only to a few...
Persistent link: https://www.econbiz.de/10012468126