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- W3200518858 abstract "While there is no apparent reason for loan spreads to cluster at certain numbers, we find that around 70% of loans have round-yard spreads (i.e., multiples of 25 basis points). We hypothesize that dominant banks implicitly collude by using the round-yards as focal pricing points when negotiating with their borrowers. The tacit collusion leads to higher spreads and total costs of the round-yard-priced loans than non-round-yard-priced loans. Consistent with our tacit collusion hypothesis, dominant banks round up rather than round down loan spreads to the multiples of yards. Moreover, round-yard pricing is more prevalent among lower-quality and non-repeat borrowers. Overall, we provide the first evidence that dominant banks use round-yard pricing as an effective tool for tacit collusion in the loan market." @default.
- W3200518858 created "2021-09-27" @default.
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- W3200518858 date "2021-01-01" @default.
- W3200518858 modified "2023-10-14" @default.
- W3200518858 title "Tacit collusion among dominant banks: Evidence from round-yard loan pricing" @default.
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- W3200518858 doi "https://doi.org/10.2139/ssrn.3905375" @default.
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