being credit rationed, loan size, and the probability of bankruptcy using household-level data from the Japanese Panel … credit rationed and decreases loan size. Furthermore, we find that better judicial enforcement increases the probability of …

In many countries, bankruptcy is associated with low recovery by creditors. We develop a model of corporate credit … markets in such an environment. Corporate credit is provided by either a bond market or risk-averse banks. Restructuring of …-country and using insolvency reforms as natural experiments. Our empirical estimates suggest that a one …

We study how the macroeconomic dynamics following credit cycles vary with business bankruptcy institutions. Using data … on bankruptcy efficiency and business credit around the world, we document that business credit booms are followed by … contrary, in settings with well functioning business bankruptcy, the aftermath of credit booms is characterized by moderate …

, and more timely, availability of borrower credit records, as well as the greater ease of processing these may explain the …

banks in providing credit to smaller borrowers about whom information is least complete and, more generally, support the …

Most aggregate theories of financial frictions model credit available at a single cost of financing but rationed …. However, using a comprehensive firm-level credit registry, we document both high levels and high dispersion in credit spreads … external financing, dispersion has more profound impacts on aggregate development than single-price credit rationing and yields …

Using confidential regulatory firm-bank-loan level data from the U.S., we document four new facts about the credit … market. First, private SMEs typically utilize all available bank credit which comprises their entire balance sheet debt …, compared to large listed firms who can switch between corporate bonds and drawing from credit lines. Second, SMEs borrow …

private lenders but federally guaranteed, largely eliminating unobservable credit risk as a factor in explaining differential … to show that the disparity is not primarily explained by differences in pre-existing bank or credit relationships, firm …