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The Risk Spiral : The Effects of Bank Capital and Diversification on Risk Taking

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We present a model where bank assets are a portfolio of risky debt claims and analyze stockholders' risk …-taking behavior while considering the strategic interaction between debtors and creditors. We find that: (1) as the leverage of a bank … demonstrates that an increase in comovement of a loan portfolio increases the bank's cost of default directly, we find that the …

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Asymmetric information and imperfect competition in lending markets

Crawford, Gregory S.; Pavanini, Nicola; Schivardi, Fabiano - 2015

We measure the consequences of asymmetric information and imperfect competition in the Italian lending market. We show that banks' optimal price response to an increase in adverse selection varies with competition. Exploiting matched data on loans and defaults, we estimate models of demand for...

Persistent link: https://www.econbiz.de/10010512057

Asymmetric information and imperfect competition in lending markets

Crawford, Gregory S.; Pavanini, Nicola; Schivardi, Fabiano - 2015

Persistent link: https://www.econbiz.de/10010516634

Asymmetric information and imperfect competition in the loan market

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Asymmetric information and imperfect competition in lending markets

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Persistent link: https://www.econbiz.de/10010509495

Asymmetric Information and Imperfect Competition in Lending Markets

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credit. We estimate a structural model of credit demand, loan use, pricing, and firm default using matched firm-bank data … from Italy. We find evidence of adverse selection in the form of a positive correlation between the unobserved determinants …

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Asymmetric information and imperfect competition in lending markets

Crawford, Gregory S.; Pavanini, Nicola; Schivardi, Fabiano - In: The American economic review 108 (2018) 7, pp. 1659-1701

Persistent link: https://www.econbiz.de/10011891469

Diversifying away risks through derivatives : an analysis of the Italian banking system

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