Berger, Allen N.; Espinosa-Vega, Marco A.; Frame, W. Scott - 2007 - Rev.
rationing, and other inefficiencies that arise when borrowers hold ex ante private information. There is no clear empirical … technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results are … consistent with this central implication of the private-information models and support the empirical importance of this theory …