bargaining power in default, operating in more competitive product markets, and facing lower credit supply are more likely to …

jump back up to around 200 basis points. We surmise that in a booming credit market the certification of corporate …

Does emergency credit prevent long-term financial distress? We study the causal effects of government-provided recovery … bankruptcy, increase employment and revenue, unlock private credit, and reduce delinquency. These effects, especially the … crowding-in of private credit, appear to reflect resolving uncertainty about repair. We do not find capital reallocation away …