Tech-Driven Intermediation in the Originate-to-Distribute Model

Zhiguo He (), Sheila Jiang and Douglas Xu

No 32052, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: D52 D82 G21 G23 O33 (search for similar items in EconPapers)
Date: 2024-01
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Working Paper: Tech-Driven Intermediation in the Originate-to-Distribute Model (2024)
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