The Industry Expertise Channel in Mortgage Lending
研究发现银行将企业贷款中积累的行业知识用于抵押贷款，在行业集中地区扩大放贷，且这类贷款包含更多软信息、表现更好。
Abstract We show that banks use industry knowledge acquired through corporate lending in mortgage lending, a phenomenon we refer to as the “industry expertise channel.” Specifically, banks that specialize in particular industries expand their mortgage lending activity in regions where those industries are concentrated. The impact of industry expertise increases with information asymmetry and borrower risk. In addition, mortgages originated from this channel contain more soft information and perform better. The effect of the channel increases after unexpected industry distress and the 2008 financial crisis, suggesting that the effect is likely causal.