We document the existence of a premium in the green bond market based on the greenness of green bonds. Using BERT, a natural language processing method for textual analysis, we develop a novel measure for bonds’ greenness and document that a 10 percent increase in the bond’s greenness...

Loans granted by banks to several entrepreneurs jointly, but for their own individual business and/or projects, are rarely studied. Analyzing 32 million month-loan observations from the Bolivian credit register, we establish that group loans comprise a sizeable part of the formal credit market,...

Information asymmetries and enforcement problems often limit commercial lenders’ entry into low-income markets. Using credit registry data, we study the “failed” entry of commercial lenders into a low-income, low-documentation microfinance market, which led to an over-indebtedness crisis....