|
|
|
|
| LEADER |
01199 am a22001693u 4500 |
| 001 |
130400.2 |
| 042 |
|
|
|a dc
|
| 100 |
1 |
0 |
|a Darmouni, Olivier
|e author
|
| 100 |
1 |
0 |
|a Sloan School of Management
|e contributor
|
| 700 |
1 |
0 |
|a Sutherland, Andrew Gordon
|e author
|
| 245 |
0 |
0 |
|a Learning about Competitors: Evidence from SME Lending
|
| 260 |
|
|
|b Oxford University Press (OUP),
|c 2021-09-09T14:40:27Z.
|
| 856 |
|
|
|z Get fulltext
|u https://hdl.handle.net/1721.1/130400.2
|
| 520 |
|
|
|a We study how small and medium enterprise (SME) lenders react to information about their competitors' contracting decisions. To isolate this learning from lenders' common reactions to unobserved shocks to fundamentals, we exploit the staggered entry of lenders into an information-sharing platform. Upon entering, lenders adjust their contract terms toward what others offer. This reaction is mediated by the distribution of market shares: lenders with higher shares or that operate in concentrated markets react less. Thus, contract terms are shaped not only by borrower or lender fundamentals but also by the interaction between information availability and competition.
|
| 546 |
|
|
|a en
|
| 655 |
7 |
|
|a Article
|
| 773 |
|
|
|t Review of Financial Studies
|
