Information Preference and Credit Allocation in a Bazaar Economy

The authors thank Eric So (editor), an anonymous associate editor, and two anonymous reviewers for constructive comments, Ray Ball, Phil Berger, Natasha Bernhardt, Hans Christensen, Anna Costello, Asabe Danpollo, Yiwei Dou (discussant), Eric Floyd, Lauren Frederick, Yadav Gopalan (discussant), João Granja, David Hirshleifer, Christian Leuz, Robert Libby, Mike Minnis, Raghuram Rajan, Rodney Ramcharan, David Reeb (discussant), Kristina Rennekamp, Doug Skinner, Abbie Smith, Brian White, Yao Yu (discussant), and Xinyu Zhang for helpful comments and discussions, seminar participants at the University of Chicago, University of Southern California, National University of Singapore, the 2022 Indian Institute of Management Calcutta–New York University Stern India Research Conference, the 2022 University of Notre Dame Accounting Research Conference, The Chinese University of Hong Kong, The Chinese University of Hong Kong-Shenzhen, the University of Michigan, the 2022 Singapore Management University School of Accountancy Research Centre Accounting Symposium, the 2023 Hawaii Accounting Research Conference, and the 2023 Bretton Woods Accounting and Finance Ski Conference for helpful comments and suggestions, Shailesh Nagar and Manish Sharma for help with data collection, and Alex Gordon and Jizhou Wang for excellent research assistance. This research was approved as exempt by the Institutional Review Board at the University of Chicago (ID: IRB21-1976).