DF Lunch Seminar w. José Liberti, Northwestern University

Department of Finance

“Information Sharing Technology and Specialization in Credit Markets”

29 Av. John F. Kennedy, Kirchberg Campus, JFK building, rooms Nancy/Metz

With the Lunch Seminar series, the Department of Finance is bringing eminent and up-and-coming researchers from around the world to Luxembourg. Authors:José Liberti, Jason Sturgess, and Andrew Sutherland Abstract:We explore how information technology affects specialization in financial intermediation. Using U.S. credit bureau data on SME lending, we develop a specialization measure that captures comparative advantage based on the similarity of collateral types within lenders’ portfolios. We find lower delinquencies and less cyclical borrower turnover and credit originations in lenders’ specialized markets. We then use bureau coverage changes as an information innovation and trace these changes to increasing lender specialization and entry into related markets. Our findings illustrate how information technology innovations shape lender specialization, which has implications for credit availability, market structure, and financial stability. About Prof. Liberti: ​ José María Liberti is the Joseph Jr. and Carole Levy Chair in Entrepreneurship and a Clinical Professor of Finance at Kellogg School of Management, Northwestern University. More about Prof. Liberti:<a href="https://www.kellogg.northwestern.edu/faculty/directory/liberti_jose.aspx" title="https://www.kellogg.northwestern.edu/faculty/directory/liberti_jose.aspx" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Jose Liberti - Faculty - Kellogg School of Management (northwestern.edu)</a> The seminar will be held in place.Cold lunches are provided to registered participants only. This event is Supported by the Luxembourg National Research Fund (RESCOM/2023/LE/17984041)

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