' patents. We find evidence that the negative effect of stronger debtor protection on experimentation and innovation may be due … encourages innovation by reducing the cost of failure for innovators, we show that it can instead dampen innovative activities by …

since the mid-1930s when banks invented the term loan. Concurrently, bank innovation first involved the invention of credit … analysis and covenant design. Later, bank innovation included the advent of loan sales, increased loan syndications, the … calibrate a model of bank innovation to determine the quantitative contribution of bank innovation to economic growth …

external finance, to identify a causal effect of bank credit supply on firm investment in innovation. We show that firms that …