Correlated Default and Financial Intermediation
نویسندگان
چکیده
منابع مشابه
Correlated Default and Financial Intermediation
Financial intermediation naturally arises when knowing how loan payoffs are correlated is valuable for managing investments but lenders cannot easily observe that relationship. I show this result using a costly enforcement model in which lenders need ex-post incentives to enforce payments from defaulted loans and borrowers’ payoffs are correlated. When projects have correlated outcomes, learnin...
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ژورنال
عنوان ژورنال: The Journal of Finance
سال: 2017
ISSN: 0022-1082
DOI: 10.1111/jofi.12493