Innis Lecture: Returns on student loans in Canada
利用加拿大助学贷款项目的新行政数据，测量本科生贷款回报率，发现专业、省份和学校导致回报率差异巨大，专业解释了22%的回报差异，并探讨了贷款补贴和风险定价的含义。
Abstract This paper uses new administrative data with detailed borrower information and lengthy repayment histories from the Canada Student Loans Program (CSLP) to measure rates of return on undergraduate student loans. We document substantial heterogeneity in returns based on information available at the time loans were disbursed, including province of residence, field of study and institution of attendance. Field of study is a particularly important determinant of rates of return, explaining 22% of the variation in predicted returns across borrowers. We explore the implications of this variation for CSLP cross‐subsidization across borrowers and potential risk‐based loan limits. Given the variation in ex ante predicted returns across borrowers, using all available information at the time of loan disbursement, we study the implications of potential cream‐skimming of high‐return borrowers by private lenders.