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Green Lemons - Environmental Labels and Entry into an Environmentally Differentiated Market under Asymmetric Information
Kuhn, Michael - 1999
The paper inquires whether a public eco-label mitigatesadverse selection, where an ecologically superior (green) product variant is underprovided. A model, integrating entry into a perfectly competitive, vertically differentiated industry and rationally expected quality structure (REQS) under...
Persistent link: https://www.econbiz.de/10010319327
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Asymmetric information and the market structure of the venture capital industry
Hyytinen, Ari; Toivanen, Otto - 2001
In this paper we study a horizontally differentiated market for financial in-termediation and develop a simple explanation for concentration in the financial intermediation industry. We show that under asymmetric information, if the demand for funds is not perfectly elastic, the heterogeneity of...
Persistent link: https://www.econbiz.de/10010284895
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The mortgage rate conundrum
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2017
We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following … the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates failed to rise according to their … historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We …
Persistent link: https://www.econbiz.de/10012030332
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Credit supply and the housing boom
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2014
constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical … fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing boom to …
Persistent link: https://www.econbiz.de/10011460670
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Using Bankruptcy to Reduce Foreclosures
Li, Wenli; Tewari, Ishani; White, Michelle - In: CESifo DICE Report 12 (2014) 3, pp. 31-38
Persistent link: https://www.econbiz.de/10011696880
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Convergence in institutions and market outcomes: crosscountry and time-series evidence from the BEEPS surveys in transition economies
Mitra, Pradeep; Muravyev, Alexander; Schaffer, Mark E. - 2008
This paper uses the BEEPS firm-level data to study the process of convergence of transition countries with developed market economies. The primary focus of the study is on competition and market structure, finance and the structure of lending to firms, and how firms respond to the economic...
Persistent link: https://www.econbiz.de/10010271080
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Forbearance lending and soft budget constraints in a model of multiple heterogeneous bank financing
Schüle, Tobias - 2006
Empirical evidence suggests that banks often engage in refinancing of intrinsically insolvent debtors instead of writing of their non-performing loans. Such forbearance lending may induce soft budget constraints for the debtors, as it diminishes their incentives to thwart default. This paper...
Persistent link: https://www.econbiz.de/10010301816
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Emergence of Financial Intermediaries in Electronic Markets: The Case of Online P2P Lending
Berger, Sven C.; Gleisner, Fabian - In: BuR - Business Research 2 (2009) 1, pp. 39-65
We analyze the role of intermediaries in electronic markets using detailed data of more than 14,000 originated loans on an electronic P2P (peer-to-peer) lending platform. In such an electronic credit market, lenders bid to supply a private loan. Screening of potential borrowers and the...
Persistent link: https://www.econbiz.de/10010421336
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Information Sharing Among Banks About Borrowers: What Type Would They Support?
Major, Iván - 2013
I address the following issue in this paper: how does information sharing among banks about borrowers affect banks' competition, and ultimately, the interest rate borrowers pay for the loan they take? One would expect that full information sharing among banks reduces lenders' risk and results in...
Persistent link: https://www.econbiz.de/10010494545
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Asymmetric information in credit markets, bank leverage cycles and macroeconomic dynamics
Rannenberg, Ansgar - 2012
The paper adds a moral hazard problem between banks and depositors as in Gertler and Karadi (2011) to a DSGE model with a costly state verification problem between entrepreneurs and banks as in Bernanke, Gertler and Girlchrist (1999, BGG). This modification amplifies the response of the external...
Persistent link: https://www.econbiz.de/10011506744