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来源类型Working Paper
规范类型报告
DOI10.3386/w29427
来源IDWorking Paper 29427
Loan Officers Impede Graduation from Microfinance: Strategic Disclosure in a Large Microfinance Institution
Natalia Rigol; Benjamin N. Roth
发表日期2021-11-08
出版年2021
语种英语
摘要One of the most important puzzles in microfinance is the low rate of borrower graduation to larger, more flexible loans. Utilizing observational and experimental data from a large Chilean microfinance institution, we demonstrate that loan officers impede borrower graduation due to common features of their compensation contracts. Our partner lender offers both microloans and larger, more flexible graduation loans, and relies on loan officer endorsements to determine borrower graduation. Loan officers are rewarded for the size of their portfolio and repayment, and so are implicitly penalized when good borrowers graduate. In an experiment designed to isolate strategic disclosure, we modify compensation to reduce this implicit penalty and document that loan officers withheld endorsements of their most qualified borrowers prior to the shift. Graduated borrowers endorsed after the shift are 34% more profitable for our partner lender than those endorsed beforehand. A back-of-the- envelope calculation suggests that strategic behavior of loan officers accounts for $4.8-29.2 billion in lost social value from forgone borrower graduations in microfinance worldwide. Our experimental design may prove useful for other experiments within firms.
主题Financial Economics ; Financial Institutions ; Other ; Accounting, Marketing, and Personnel ; Development and Growth ; Development
URLhttps://www.nber.org/papers/w29427
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/587118
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Natalia Rigol,Benjamin N. Roth. Loan Officers Impede Graduation from Microfinance: Strategic Disclosure in a Large Microfinance Institution. 2021.
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