教学项目

报考我们

教师与研究

学生发展

校友

合作伙伴

国家金融研究院

关于我们

English

【学术预告】纽约大学金融学助理教授Andres Liberman学术研讨会:信息不对称的均衡效应:从消费信贷市场得到的启示

时间:2017-11-08 来源: 作者: 浏览: 字号: 打印

主题:The Equilibrium Effects of Asymmetric Information: Evidence from Consumer Credit Markets(信息不对称的均衡效应:从消费信贷市场得到的启示)

主讲人:Andres Liberman,纽约大学斯特恩商学院金融学助理教授

日期:2017118日(周三)

时间:上午10:00-11:30

地点清华五道口金融学院4号楼101教室

语言:英文

摘要:

We combine machine learning techniques with a large-scale policy change to study the equilibrium effects of information asymmetries in credit markets. In 2012, Chilean credit bureaus were forced to stop reporting past defaults for 2.8 million individuals with relatively low default amounts. These individuals made up 21% of the country’s adult population and approximately 67% of borrowers in default. Using panel data of the universe of bank borrowers in Chile and access to the deleted registry information, we measure exposure to the deletion policy by constructing cost predictions with and without the deleted data. We then estimate the effects of exposure to changes in predicted costs using a difference-in-differences design that compares changes in borrowing over time for borrowers at different points in the exposure distribution. We find that deletion reduces predicted costs the most for poorer defaulters with limited borrowing histories, and raises predicted costs the most for non-defaulters with similar backgrounds. Borrowing is negatively and monotonically related to increases in predicted costs, with an elasticity of -0.16. Losers from the policy outnumber winners, and in aggregate, the effect of deletion was a sustained reduction in borrowing by 9% relative to baseline. We use our procedure to simulate the effects of counterfactual deletion policies such as the elimination of data on gender or additional default records, and show that both types of deletion reduce overall borrowing with largest drops for lower-income individuals and women.

主讲人简介:

Andres Liberman joined New York University Stern School of Business as an Assistant Professor of Finance in June 2013. Professor Liberman's research focuses on financial intermediation, household finance and corporate finance. His recent work studies the value that individuals assign to a good credit reputation and the effects that the manipulation of credit scores may have on credit markets. Professor Liberman received a B.A. in Industrial Engineering from Universidad de Chile and an M.Phil. and Ph.D., both in Finance, from Columbia University.

教学项目

清华大学国家金融研究院