Journal of Financial Economics ( IF 8.238 ) Pub Date : 2021-09-24 , DOI: 10.1016/j.jfineco.2021.08.023 José Liberti 1 , Jason Sturgess 2 , Andrew Sutherland 3
We use the introduction of a U.S. commercial credit bureau to study when lenders adopt voluntary information sharing technology and the resulting consequences for competition and credit access. Our results suggest that lenders trade off access to new markets against heightened competition for their own borrowers. Lenders that initially do not adopt lose borrowers to competitors that do, which ultimately compels them to adopt and leads to the formation of an information sharing system. Access to credit improves but only for high-quality borrowers in markets with greater lender adoption. We provide the first direct evidence on when financial intermediaries adopt information sharing technologies and how sharing systems form and evolve.
中文翻译:
自愿信息共享系统如何形成:来自美国商业信用局的证据
我们使用美国商业信用局的介绍来研究贷方何时采用自愿信息共享技术以及由此产生的竞争和信贷获取后果。我们的结果表明,贷款人会在进入新市场的机会与对自己借款人的激烈竞争之间进行权衡。最初不采用的贷方将借款人输给采用的竞争对手,这最终迫使他们采用并导致形成信息共享系统。获得信贷的机会有所改善,但仅适用于贷方采用率较高的市场中的高质量借款人。我们提供了关于金融中介何时采用信息共享技术以及共享系统如何形成和演变的第一个直接证据。