Information externalities in the credit market and the spell of credit rationing
研究了银行在观察到借款人过去被其他银行拒绝记录时，如何影响贷款审批和借款人搜索行为，发现过去被拒会降低获批概率并增加搜索中断的可能。
We present the first empirical study of loan searching strategies and loan granting decisions in a context where banks observe whether applicants have unsuccessfully applied for credit to other lenders in the past. Our identification strategy benefits from the use of granular data on loan applications and exploits the fact that evaluating lenders observe only the rejections received by a borrower up to six months before the current application. We document that past rejections diminish the probability of approval and increase the probability that a loan search is interrupted.