Entrepreneurship and the Platform Economy: Evidence from U.S. Tax Returns
Matthew Denes, Spyridon Lagaras, Margarita Tsoutsoura
Journal of Financial Economics,
2099
Abstract
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Cross-Subsidization of Bad Credit in a Lending Crisis
Nikolaos Artavanis, Brian Lee, Stavros Panageas, Margarita Tsoutsoura
Review of Financial Studies,
Nr. 5,
2025
Abstract
We study the corporate-loan pricing decisions of a major, systemic bank during the Greek financial crisis. A unique aspect of our data set is that we observe both the actual interest rate and the “break-even rate” (BE rate) of each loan, as computed by the bank’s own loan-pricing department (in effect, the loan’s marginal cost). We document that low-BE-rate (safer) borrowers are charged significant markups, whereas high-BE-rate (riskier) borrowers are charged smaller and even negative markups. We rationalize this de facto cross-subsidization through the lens of a dynamic model featuring depressed collateral values, impaired capital-market access, and limit pricing.
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Medienecho Mai 2025 Oliver Holtemöller: Gelder für Infrastruktur: Wie gerecht ist die Verteilung nach dem Königsteiner Schlüssel? in: Mitteldeutscher Rundfunk,, 13.05.2025 Oliver…
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