Credit Relationships: Evidence from Experiments with Real Bankers
通过实验研究长期银企关系如何缓解道德风险，发现长期关系促使银行提高利率，反而激励借款人承担更多风险，而社会银行家更倾向于公平放贷。
We experimentally examine to what extent long‐term “lender–borrower” relationships mitigate moral hazard. The originality of our research lies in recruiting not only students but also commercial and social bankers. The opportunity to engage in bilateral long‐term relationships mitigates the repayment problem. Lenders take advantage of their long‐term situation by increasing their rates. Consequently, borrowers are incited to take more risk. Improving information disclosure ameliorates the repayment but does not incite lenders to offer more credits. Social bankers exhibit a higher probability of granting a loan and make fairer credit offers to borrowers than the other subject pools do.