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政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/156520

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/156520

Title:	Tacit collusion among dominant banks: Evidence from round-yard loan pricing
Authors:	詹育儒 Chan, Yu-Ju;Lin, Chih-Yung;Lin, Tse-Chun
Contributors:	金融系
Keywords:	Tacit collusion;Dominant banks;Round-yard pricing;Bargaining power;Loan spreads;Round up
Date:	2025-06
Issue Date:	2025-04-14 09:24:08 (UTC+8)
Abstract:	While there is no apparent reason for loan spreads to cluster at certain numbers, we find that approximately 70 % of bank loans have round-yard spreads (i.e., multiples of 25 basis points). We hypothesize that dominant banks implicitly collude using round yards as focal pricing points when negotiating with borrowers. Tacit collusion leads to higher spreads and total costs of round yard priced loans than of non-round yard priced loans. Consistent with our tacit collusion hypothesis, dominant banks round up loans to multiple yards rather than rounding them down. Moreover, round-yard pricing is more prevalent among lower-quality and nonrepeat borrowers.
Relation:	Journal of Corporate Finance, Vol.92, 102750
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.jcorpfin.2025.102750
DOI:	10.1016/j.jcorpfin.2025.102750
Appears in Collections:	[金融學系] 期刊論文

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