Intermediation, Diversification, and Confidentiality
Breton, Régis
Intermediation, Diversification, and Confidentiality - 2005.
48
This paper analyses a stylised (two period) credit market where investors care about the appropriability of the information they produce when they engage in costly ex ante evaluation of borrowers quality. Diversified intermediation naturally arises as a dissimulation mechanism allowing investors to extract informational rent in the second period, thereby mitigating the underlying appropriability problem.
Intermediation, Diversification, and Confidentiality - 2005.
48
This paper analyses a stylised (two period) credit market where investors care about the appropriability of the information they produce when they engage in costly ex ante evaluation of borrowers quality. Diversified intermediation naturally arises as a dissimulation mechanism allowing investors to extract informational rent in the second period, thereby mitigating the underlying appropriability problem.
Réseaux sociaux