leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity …

This paper examines ways to summarize the maturity structure of public debts using a small number of parameters. We …) more accurately describes changes in debt maturity for these six countries and 2) gives a quite different interpretation of … historical debt maturity. Our work can be applied not just to analyze past debt movements, but - because parameter estimates are …

countries, industries, firms, and years in leverage and debt maturity, and we also identify time factors that are common drivers … lengthening debt maturity after controlling for firms' characteristics. Across firms and countries, leveraging and lengthening … debt maturity have been greater where economic growth was stronger. Tighter financial conditions are positively associated …

We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters … credit allocation, captured by Greenwood and Hanson (2013)'s ISS indicator, helps predict downside risks to GDP growth and … systemic banking crises, two to three years ahead. Our analysis indicates that the riskiness of credit allocation is both a …

This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity-credit …--on average, they occur every five years. By comparison, banking crises take place every eight years on average. Credit reversals …

Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting … with high leverage experience a more pronounced increase in credit spreads than firms with low leverage. A large fraction … of this increase is due to a component of credit spreads that is in excess of firms' expected default. Our results …

asymmetric information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt … maturity choices. We employ data on over 6,000 commercial loans from 53 large U.S. banks. Our results for low-risk firms are … asymmetric information in explaining debt maturity …

lagged dependent variables, that holding longer-term debt maturity structure is the factor that works in the firms'' favor …

We study whether capital flows affect the degree of credit crunch faced by a country''s manufacturing firms during the … significant effect on the severity of the credit crunch. However, the composition of capital flows matters: pre-crisis exposure to … non-FDI capital inflows worsens the credit crunch, while exposure to FDI alleviates the liquidity constraint. Similar …