Learning from a rival bank and lending boom

研究成果: Article査読

27 被引用数 (Scopus)

抄録

When bankers observe a rival winning in the interbank competition for lending to a firm, they infer that the firm may be more promising than they had thought. From this consideration, they loosen their creditworthiness tests and lower the interest rates they offer in the next lending competition for the firm. Increased interbank competition reduces the impact of this observational learning and decreases the credit risk taken by each bank because of a severe winner's curse, while it increases the aggregate risk taken by the entire banking sector.

本文言語English
ページ(範囲)535-555
ページ数21
ジャーナルJournal of Financial Intermediation
15
4
DOI
出版ステータスPublished - 2006 10
外部発表はい

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学

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