Data versus Collateral
نویسندگان
چکیده
Abstract Using a unique dataset of more than 2 million Chinese firms that received credit from both an important big tech firm (Ant Group) and traditional commercial banks, this paper investigates how different forms correlate with local economic activity, house prices, characteristics. We find does not business conditions prices when controlling for demand factors, but reacts strongly to changes in characteristics, such as transaction volumes network scores used calculate ratings. By contrast, secured unsecured bank react significantly which incorporate useful information on the environment clients operate their creditworthiness. This evidence implies wider use could reduce importance collateral channel but, at same time, make lending reactive firms’ activity.
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ژورنال
عنوان ژورنال: Review of Finance
سال: 2022
ISSN: ['1875-824X', '1572-3097']
DOI: https://doi.org/10.1093/rof/rfac022