How voluntary information sharing systems form: Evidence from a US commercial credit bureau

• 成果类型: Article
• 署名作者: Liberti, Jose; Sturgess, Jason; Sutherland, Andrew
• 署名单位: DePaul University; Northwestern University; University of London; Queen Mary University London; Massachusetts Institute of Technology (MIT)
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.08.023
• 发表日期: 2022
• 页码: 827-849
• 关键词: Information sharing; Access to credit; financial intermediation; FinTech; SMEs

摘要

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 di-rect evidence on when financial intermediaries adopt information sharing technologies and how sharing systems form and evolve.(c) 2021 Elsevier B.V. All rights reserved.