Loan spreads and credit cycles: The role of lenders’ personal economic experiences
研究发现贷款人近期本地房价涨跌等个人经济经历会改变其乐观程度，导致信贷利差在信贷周期中过度波动，对理解信贷市场非理性行为有参考价值。
We provide evidence that changes in lender optimism can lead to excessive fluctuations in credit spreads across the credit cycle. Using data on the real estate properties of loan officers originating large corporate loans, we find that credit spreads overreact to sophisticated lenders' recent local economic experiences, captured by local housing price growth. These effects are only present when borrowers own real estate assets and during times of greater uncertainty about real estate values, i.e., boom-and-bust cycles in housing prices. Our analysis suggests that recent personal experiences shape sophisticated lenders' beliefs about real estate values, which affect their pricing decisions.