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Information Sharing and Information Acquisition in Credit Markets

Karapetyan, Artashes; Stacescu, Bogdan
Journal article, Peer reviewed
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URI
http://hdl.handle.net/11250/222932
Date
2014
Metadata
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  • Publikasjoner fra CRIStin - BI [644]
  • Scientific articles [1334]
Original version
Review of Finance 2014, 18(4):1583-1615   10.1093/rof/rft031
Abstract
We examine the effect of information sharing via credit bureaus or credit registers

on banks’ incentives to collect information about their borrowers. Information

asymmetries have been identified as an important source of bank profits, and sharing

knowledge about borrowers can reduce those rents. Despite that, we show that banks’

incentives to collect information actually increase in the presence of information sharing.

The reason is that when hard, standardized information is shared, banks’ incentives to

invest in soft, nonverifiable information increase. The result can be more accurate

lending decisions and improved welfare
Description
This is the authors’ final, accepted and refereed manuscript to the article. Publisher’s version available at http://dx.doi.org/10.1093/rof/rft031
Publisher
Oxford University Press
Journal
Review of Finance

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