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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w29427 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w29427 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587118 |
推荐引用方式 GB/T 7714 | Natalia Rigol,Benjamin N. Roth. Loan Officers Impede Graduation from Microfinance: Strategic Disclosure in a Large Microfinance Institution. 2021. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w29427.pdf(464KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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