资源描述：
《emergency of information sharing in credit market》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、TheEmergenceofInformationSharinginCreditMarketsMartinBrownandChristianZehnder2008-1SwissNationalBankWorkingPapersTheviewsexpressedinthispaperarethoseoftheauthor(s)anddonotnecessarilyrepresentthoseoftheSwissNationalBank.WorkingPapersdescriberesearchinprogress.Theiraimistoelicitcommentsandtofurther
2、debate.ISSN1660-7716(printedversion)ISSN1660-7724(onlineversion)©2008bySwissNationalBank,Börsenstrasse15,P.O.Box,CH-8022ZurichTheEmergenceofInformationSharinginCreditMarkets∗MartinBrown†andChristianZehnder‡November2007AbstractWeexaminehowasymmetricinformationandcompetitioninthecreditmarketaffectvo
3、luntaryinformationsharingbetweenlenders.Westudyanexperimentalcreditmarketinwhichinformationsharingcanhelplenderstodistinguishgoodbor-rowersfrombadones,becauseborrowersmayexogenouslyswitchlocations.Lendersare,however,engagedinspatialcompetition,andthusmaylosemarketpowerbysharinginformationwithcomp
4、etitors.Ourresultssuggestthatasymmetricinfor-mationinthecreditmarketincreasesthefrequencyofinformationsharingbetweenlenderssignificantly.Competitionbetweenlendersreducesinformationsharing,buttheimpactofcompetitionseemstobeonlyofsecondorderimportance.∗WethankPaoloMistrulli,StevenOngena,JuanIgnacioP
5、ena,andananonymousreferee,aswellasseminarparticipantsattheUniversityofZurich,HECLausanne,the2007FMAEuropeanconference,andthe2007EEAannualmeetingforhelpfulcomments.WefurtherthankFranziskaHeusiforprovidingexcellentresearchassistance.Zehndergratefullyacknowledgesfinancialsupportbythenationalcenterofc
6、ompetenceinresearchon“FinancialValuationandRiskManagement”.ThenationalcentersinresearcharemanagedbytheSwissNationalScienceFoundationonbehalfofthefederalauthorities.TheviewsexpressedinthispaperdonotnecessarilyreflectthoseoftheSwissNationalBank.†SwissNationalBank,B¨orsenstrasse15,CH-8022Zurich,marti
7、n.brown@snb.ch.‡HarvardBusinessSchool,SoldiersField,Boston,MA02163,czehnder@hbs.edu.1IntroductionThesystematicuseofcreditreportsinassessingloanapplicationsisoneofthemostremarkabledevelopmentsinretailbanking.Today,loana
