Seminar Series

2024 - 2025

Speaker: Thorsten Beck (EUI).

Title: “Information Sharing, Access to

Finance, Loan Contract Design, and the Labor Market”.

joint with Patrick Behr & Raquel de Freitas Oliveira (Banco Central do Brasil)

Date: Thursday, 18 December at 12h00 (Paris Time).

Abstract: Exploiting an exogenous change in the reporting threshold of Brazil’s public credit registry, we show an increase in borrowing for newly included risky firms and lower interest rates for safer firms. The additional lending comes primarily from new private bank-firm relationships, whereas the reduction in interest rates is driven by incumbent lenders. While collateralization decreases, incumbent lenders shorten loan maturities, pointing to important changes in loan contract design. Risky borrowers show a decline (increase) in loan default with incumbent (new) lenders. The policy change translates into higher employment. Our results are consistent with disciplining and competition hypotheses of information sharing and highlight important heterogeneities across firms’ risk profiles and lender types.

Here are links to the speaker’s website and the FEELab website:

www.thorstenbeck.com 

https://sites.google.com/view/feelabtbs/

You are cordially invited to participate in the following seminar of the FEELab, which will take place in Room 302, Sebastopol building.

For more information, please contact: Pierre Mella-Barral p.mella-barral@tbs-education.fr or cam-ly.tran@tbs-education.fr