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Three Essays on Financial Intermediation.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Three Essays on Financial Intermediation./
Author:	Ma, Pengfei.
Description:	1 online resource (258 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 84-12, Section: A.
Contained By:	Dissertations Abstracts International84-12A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798379701178

Three Essays on Financial Intermediation.
Ma, Pengfei.

Three Essays on Financial Intermediation. - 1 online resource (258 pages)

Source: Dissertations Abstracts International, Volume: 84-12, Section: A.

Thesis (Ph.D.)--Indiana University, 2023.

Includes bibliographical references

The first essay studies the role of labor capacity as a source of operating constraints for mortgage lenders and analyze its effect on shaping borrowers' access to credit and credit market inequality. I find that officers significantly reduce their lending in a given area when experiencing exogenous shocks to their capacity constraints. This effect is not present for FinTech lenders and is concentrated among homebuyers and riskier borrowers. Importantly, I provide evidence that labor capacity constraints create sizeable effects in limiting borrowers' access to credit, especially for borrowers from low credit score markets, creating inequality in access to credit.The second essay (co-authored) studies the role of lenders' personal economic experiences in shaping the loan spreads and credit cycle. We provide evidence that lenders overweight their recent locally experienced economic conditions, captured by local housing price growth, and this systematically shapes credit spreads for borrowers that own real estate assets and riskier loans. Our analysis suggests that these effects are driven by the beliefs of sophisticated lenders about real estate values.The third essay (co-authored) studies partisanship in loan pricing. We show that bankers whose party differs from that of the U.S. President charge 7% higher loan spreads than other bankers. This effect holds regardless of borrowers' partisanship, and is stronger for politically active bankers and when the media portrays greater partisan disagreement. Bankers do not match disproportionately with co-partisan borrowers but they lead syndicates more frequently with co-partisan bankers. Our results are not driven by bank or borrower fundamentals, but suggest that investor optimism, driven by political alignment, shapes asset prices.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798379701178Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Loan officerIndex Terms--Genre/Form:

554714
Electronic books.

Three Essays on Financial Intermediation.
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500 $a Source: Dissertations Abstracts International, Volume: 84-12, Section: A.
500 $a Advisor: Carvalho, Daniel.
502 $a Thesis (Ph.D.)--Indiana University, 2023.
504 $a Includes bibliographical references
520 $a The first essay studies the role of labor capacity as a source of operating constraints for mortgage lenders and analyze its effect on shaping borrowers' access to credit and credit market inequality. I find that officers significantly reduce their lending in a given area when experiencing exogenous shocks to their capacity constraints. This effect is not present for FinTech lenders and is concentrated among homebuyers and riskier borrowers. Importantly, I provide evidence that labor capacity constraints create sizeable effects in limiting borrowers' access to credit, especially for borrowers from low credit score markets, creating inequality in access to credit.The second essay (co-authored) studies the role of lenders' personal economic experiences in shaping the loan spreads and credit cycle. We provide evidence that lenders overweight their recent locally experienced economic conditions, captured by local housing price growth, and this systematically shapes credit spreads for borrowers that own real estate assets and riskier loans. Our analysis suggests that these effects are driven by the beliefs of sophisticated lenders about real estate values.The third essay (co-authored) studies partisanship in loan pricing. We show that bankers whose party differs from that of the U.S. President charge 7% higher loan spreads than other bankers. This effect holds regardless of borrowers' partisanship, and is stronger for politically active bankers and when the media portrays greater partisan disagreement. Bankers do not match disproportionately with co-partisan borrowers but they lead syndicates more frequently with co-partisan bankers. Our results are not driven by bank or borrower fundamentals, but suggest that investor optimism, driven by political alignment, shapes asset prices.
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538 $a Mode of access: World Wide Web
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653 $a Financial intermediation
653 $a Personal economic experiences
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