the financial health of the contracting parties and uncertainty regarding the borrowers' credit quality. The relative …

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 …

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 …

. This fact is robust to numerous controls for credit quality, industry, and business owner characteristics. The heavy … reliance on external debt underscores the importance of well functioning credit markets for the success of nascent business …

We examine the potential of asset-collateralized loans in low-income country credit markets. When a Kenyan dairy …

opaque arena for innovation financing, and tests central tenets of contract theory …