Information, the Cost of Credit, and Operational Efficiency: An Empirical Study of Microfinance

• 成果类型: Article
• 署名作者: Garmaise, Mark J.; Natividad, Gabriel
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhq021
• 发表日期: 2010
• 页码: 2560
• 关键词: Asymmetric information; returns; ratings; AGENCY; FIRMS

摘要

We provide direct evidence on the impact of asymmetric information on both financing and operating activities through a study of credit evaluations of microfinance institutions (MFIs). We employ a regression discontinuity model that exploits the eligibility criteria of an evaluation subsidy offered by a nonprofit consortium. Evaluations dramatically cut the cost of financing. This effect is strongest for commercial lenders and for short-term MFI-lender relationships. The impact of evaluations on the supply of finance is mixed. Evaluated MFIs lend more efficiently, extending more loans per employee.