Information Span in Credit Market Competition

For helpful comments, we thank Philip Bond, Christa Bouwman, Bruce Carlin, Peter DeMarzo, Itay Goldstein, Veronica Guerrieri, Christopher Hrdlicka, Artashes Karapetyan, Lewis Kornhauser, Dan Luo, Simon Mayer, Michael Ostrovsky, Jonathan Payne, Andy Skrzypacz, Savitar Sundaresan, Anjan Thakor, Laura Veldkamp, Zhe Wang, Basil Williams, Liyan Yang, Jidong Zhou, and participants at Yale Junior Finance Conference, Texas Finance Festival, Lone Star Finance Conference, WAPFIN at Stern, BIS-CEPR-SCG-SFI Financial Intermediation Workshop, FTG meeting, Frankfurt School, Goethe University, Indiana University, Rice University, Northeastern, Yale SOM, UBC Winter Conference, UCL, Women in Macroeconomics Conference, INSEAD Finance Symposium, University of Washington, Annual Paul Woolley Centre Conference at LSE, Oxford Financial Intermediation Theory Conference, Federal Reserve Bank of New York, Duke Fuqua, MIT Sloan, 2024 Fall NBER Corporate Finance Meeting (Stanford), Brown, UTDT, Columbia, Essex-FinteX-WashU-FINEST conference, Cavalcade NA 2025, Mitsui Symposium and EFA 2025. Ningxin Zhang and Jialu Rao provided excellent research assistance. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• November 6, 2024