Softening Competition by Inducing Switching in Credit Markets
研究发现竞争银行通过诱导借款人转换贷款人来缓和整体竞争，在逆向选择的两期模型中，银行策略性地承诺披露借款人信息以邀请对手争夺第一期市场，从而削弱第一期市场竞争。
We show that competing banks relax overall competition by inducing borrowers to switch lenders. We illustrate our findings in a two‐period model with adverse selection where banks strategically commit to disclosing borrower information. By doing this, they invite rivals to poach their first‐period market. Disclosure of borrower information increases the rival's second‐period profits. This dampens competition for serving the first‐period market.