game theory of the firm. A theoretical case for picking winners through a preferential innovative policy is discussed in a …

asymmetric information the banks face the risk of adverse selection. Credit Value-at-Risk (CVaR) regulation counters the problem … distorts the operation of credit markets. We show that a binding CVaR constraint introduces credit rationing and lowers social …

discipline by monitoring counterparty credit risk and theories highlighting that secured loans are less informational sensitive …, we find that banks with low credit worthiness replace unsecured borrowing with secured loans. Moreover, riskier lenders …

We study the relation between the credit cycle and macro-economic fundamentals in an intensity-based framework. Using … the credit cycle from the micro rating data. We relate this cycle to the business cycle, bank lending conditions, and … financial market variables. In line with earlier studies, these variables appear to explain part of the credit cycle. As our …