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- catalog abstract "This paper proposes a new framework for understanding financial intermediation. In contrast to previous research, we consider a setting in which intermediaries possess no inherent information processing or monitoring advantages. Instead, in an economy with overly optimistic entrepreneurs who require funding from overly skeptical (pessimistic) investors, we show that intermediaries can arise endogenously. In such a setting, only a rational intermediary will be sufficiently optimistic to find it worthwhile to invest in a technology for screening entrepreneurs' projects, and yet be pessimistic enough to use this technology. Our framework produces implications consistent with, heretofore unexplained, stylized facts, and a number of others which are, as of yet, untested.".
- catalog contributor b13136779.
- catalog contributor b13136780.
- catalog contributor b13136781.
- catalog created "c2003.".
- catalog date "2003".
- catalog date "c2003.".
- catalog dateCopyrighted "c2003.".
- catalog description "Includes bibliographical references.".
- catalog description "This paper proposes a new framework for understanding financial intermediation. In contrast to previous research, we consider a setting in which intermediaries possess no inherent information processing or monitoring advantages. Instead, in an economy with overly optimistic entrepreneurs who require funding from overly skeptical (pessimistic) investors, we show that intermediaries can arise endogenously. In such a setting, only a rational intermediary will be sufficiently optimistic to find it worthwhile to invest in a technology for screening entrepreneurs' projects, and yet be pessimistic enough to use this technology. Our framework produces implications consistent with, heretofore unexplained, stylized facts, and a number of others which are, as of yet, untested.".
- catalog extent "45 p. ;".
- catalog isPartOf "Working paper (Harvard Business School. Division of Research) ; 04-024.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 04-024".
- catalog issued "2003".
- catalog issued "c2003.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "Financial intermediation as a beliefs-bridge between optimists and pessimists / Joshua D. Coval, Anjan V. Thakor.".
- catalog type "text".