We study specialized lending in a credit market competition model with private information. Two banks, equipped with …

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 …

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

We explore the properties of a credit network characterized by inside credit - i.e. credit relationships connecting … downstream (D) and upstream (U) firms - and outside credit - i.e. credit relationships connecting firms and banks. The structure …

used during a credit boom to reduce the expected costs of a financial crisis …

Using novel data on 1,240 credit agreements, we investigate sources of contractual complexity in the leveraged loan …

This paper develops a network model of interbank lending, in which banks decide to extend credit to their potential … literature on financial networks, we focus on how anticipation of future defaults may result in ex ante "credit freezes," whereby … banks refuse to extend credit to one another. We first characterize the terms of the interbank contracts and the patterns of …

the importance of equilibrium credit quality inference from borrowers' endogenous sign-up decisions. When data sharing …