How Rising Competition among Microfinance Institutions Affects Incumbent Lenders
利用乌干达最大在位小额信贷机构的数据，分析竞争者进入对客户行为的影响，发现竞争加剧未导致客户流失率上升，但降低了还款表现和存款，表明客户多重借贷增加，且信息共享不充分。
This article uses data from Uganda's largest incumbent microfinance institution to analyse the impact of entry by competing lenders on client behaviour. We observe that rising competition does not lead to an increase in client dropout rate, but induces a decline in repayment performance and savings deposited with the incumbent, suggesting rising multiple loan-taking by clients. This joint effect on dropout and repayment is consistent with some negative information about clients and is being shared across lenders. However, the observed decline in repayment rates in a context of rising multiple loan-taking shows that information sharing about clients is far from complete. Copyright 2005 Royal Economic Society.