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| Author: | Bhattacharya, S. Chiesa, G. |
| Title: | Proprietary information, financial intermediation, and research incentives |
| Journal: | Journal of Financial Intermediation
1995 : OCT, VOL. 4:4, p. 328-357 |
| Index terms: | FINANCIAL INTERMEDIARIES RESEARCH INCENTIVES |
| Language: | eng |
| Abstract: | The authors contrast equilibria in loan markets with bilateral bank-borrower ties, in which proprietary technological knowledge of borrowers is not revealed to product market competitors, with equilibria under multilateral financing in which such knowledge may be shared among competing borrowing firms. Using each of these two institutional arrangements, the authors examine the conditions for existence of equilibrium, its ex ante optimality, and borrowing firms' incentives to engage in private costly research. |
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