We analyze the effect of loan sales on the intensity of costly screening. Loan sales strengthen screening incentives … when screening primarily improves the bank’s ability to identify profitable loans and when banks retain most of those … profitable loans. However, loan sales dampen screening incentives when the benefit of screening primarily helps to weed out …

competing financiers undertake their screening decisions in an uncoordinated way, thereby highlighting the role of intertemporal … screening externalities induced by competition among venture capitalists as a structural source of instability. We show that … uncoordinated screening behavior of competing financiers is an independent source of fluctuations inducing venture investment cycles …

undertake their screening decisions in an uncoordinated way, thereby highlighting the role of intertemporal screening … externalities induced by lending market competition as a structural source of instability. We show that uncoordinated screening … fluctuations inducing business cycles. The screening cycle mechanism is robust to generalizations along many dimensions such as the …

forms can be identified with different rules of aggregating evaluations of individual screening units. In this paper, we … that the relative merit of an organizational form depends on the curvature of the screening functions of the individual … screening units. This allows us to derive sufficient conditions for a polyarchy to dominate a hierarchy. We also find conditions …

competing financiers undertake their screening decisions in an uncoordinated way, thereby highlighting the role of intertemporal … screening externalities induced by competition among venture capitalists as a structural source of instability. We show that … uncoordinated screening behavior of competing financiers is an independent source of fluctuations inducing venture investment cycles …