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Tech-Driven Intermediation in the Originate-to-Distribute Model / Zhiguo He, Sheila Jiang, Douglas Xu.
- Format:
- Book
- Author/Creator:
- He, Zhiguo.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w32052.
- NBER working paper series no. w32052
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2024.
- Summary:
- This paper develops a general equilibrium model to examine the role of information technology when intermediaries facilitate the origination and distribution of assets given information asymmetry. Information technology measures the informativeness of asset-quality signals received by intermediaries, who purchase assets produced by originators and then resell them to uninformed investors. Allowing intermediaries to operate has a mixed social welfare effect: Uninformed intermediation can be welfare reducing when adverse selection is severe in the economy, while informed intermediation always improves social welfare.
- Notes:
- Print version record
- January 2024.
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