Learning about Competitors: Evidence from SME Lending
研究中小企业贷款机构如何根据竞争对手的合同信息调整自身条款，发现市场集中度高的机构反应较小，表明合同条款受信息可得性与竞争共同影响。
Abstract We study how small and medium enterprise (SME) lenders react to information about their competitors’ contracting decisions. To isolate this learning from lenders’ common reactions to unobserved shocks to fundamentals, we exploit the staggered entry of lenders into an information-sharing platform. Upon entering, lenders adjust their contract terms toward what others offer. This reaction is mediated by the distribution of market shares: lenders with higher shares or that operate in concentrated markets react less. Thus, contract terms are shaped not only by borrower or lender fundamentals but also by the interaction between information availability and competition.