Bank Portfolio Choice with Private Information About Loan Quality: Theory and Implications for Regulation
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This paper models bank asset choice when shareholders know more about loan quality than do outsiders. Because of this informational asymmetry, the price of loans in the secondary market is the price for poor quality loans. Banks desire to hold marketable securities in order to avoid liquidating good
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美国国家经济研究局创建时间：
1987-10-01
