Information-Based Pricing in Specialized Lending

Abstract

NBER WORKING PAPER SERIES INFORMATION-BASED PRICING IN SPECIALIZED LENDING Kristian Blickle Zhiguo He Jing Huang Cecilia Parlatore Working Paper 32155 http://www.nber.org/papers/w32155 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2024, Revised July 2024 This paper was previously circulated as “Multi-Dimensional Information with Specialized Lenders.” For helpful comments, we thank Philip Bond, Christa Bouwman, Bruce Carlin, Christopher Hrdlicka, Dan Luo, Jidong Zhou, and participants at Yale Junior Finance Conference, Texas A&M University, Tsinghua PBC, Lone Star Finance Conference, WAPFIN at Stern, and University of Washington. Ningxin Zhang provided excellent research assistance while she visited University of Chicago via the Tsinghua-UChicago Joint Research Center for Economics and Finance. Zhiguo He acknowledges financial support from the John E. Jeuck Endowment at the University of Chicago Booth School of Business as most of this paper was completed when He worked at University of Chicago. The opinions expressed in this paper do not necessarily reflect those of the Federal Reserve System. All errors are our own. The opinions expressed in this paper do not necessarily reflect those of the Federal Reserve System or the National Bureau of Economic Research. All errors are our own. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER …

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