Are concentrated banks better informed than diversified ones?

• 成果类型: Article
• 署名作者: Strahan, Philip E.
• 署名单位: Boston College; National Bureau of Economic Research
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2017.07.003
• 发表日期: 2017
• 关键词: Financial intermediation; INFORMATION; deregulation; integration; distance

摘要

This paper discusses evidence that large, diversified banks lend using 'hard' information measures, such as audited financial statements. Structural changes toward larger and more diversified banks may have left some segments of credit markets - those depending on investment in 'soft' information - under-served. These trends accelerated following the Financial Crisis. At the same time, bank lending to small businesses, which typically can only supply soft information, has been slow to recover from the Crisis. These trends are worrying because entry of focused banks, the normal market mechanism to counteract such a trend, has been absent since the Crisis. (C) 2017 Elsevier B.V. All rights reserved.