Fragility of reputation and clustering of risk-taking
研究了信贷市场中声誉约束如何抑制借款人过度冒险，但这种约束因其他借款人行为而变得脆弱，且在经济基本面未变时可能崩溃，崩溃集中在声誉中等的借款人群体，放大经济冲击。
Reputation concerns in credit markets restrain borrowers' temptations to take excessive risk. The strength of these concerns depends on the behavior of other borrowers, rendering the reputational discipline fragile and subject to breakdowns without obvious changes in economic fundamentals. Furthermore, at an aggregate level, breakdowns are clustered among borrowers with intermediate and good reputations, magnifying otherwise small economic shocks.