The past decade has seen significant changes in the structure of the corporate lending market, with non-bank … institutional investors playing larger roles than they historically have played. These non-bank institutional lenders typically have … higher required rates of return than banks, but invest in the same loan facilities. We hypothesize that non-bank …

scale from pre-existing credit lines and loan commitments in anticipation of cash flow disruptions from the economic …-shock bank capital, explain why banks were able to accommodate these liquidity demands …

separate firm-borrowing shocks from bank-supply shocks using a vast sample of matched bank-firm lending data. We decompose … aggregate loan movements in Japan for the period 1990 to 2010 into bank, firm, industry, and common shocks. The high degree of … role for granular shocks as in Gabaix (2011). We show that idiosyncratic granular bank-supply shocks explain 30-40 percent …

In contrast to bonds, cov-lite loans do not require SEC registration and are not subject to securities laws. We show … that this distinction plays an important role in firms' choice between funding through cov-lite loans and bonds and helps … understand why the market share of cov-lite loans has been so high in recent normal times. Compared to cov-heavy loans, cov …

competitive interactions between banks and non-bank lenders (fintech firms). Trust enables lenders to have assured access to …

paper investigates whether bank ties in Japan were costly for mature and healthy firms in the 1980's and 1990's, and whether … banks continued to facilitate investment once non-bank financing options became available. Using the explicit bond issuing … much larger for main bank client firms, once bond market access is controlled for. This result, coupled with results on the …

established through bank-to-bank lending and provide evidence to support this claim. To analyze dynamics of formation of such …

monetary policy. The theory unifies an endogenous supply of illiquid local loans and risk-sharing among subsidiaries of bank …

We provide evidence that credit lines offer liquidity insurance to borrowers. Borrowers are able to extensively use … their credit lines in recessions and ahead of credit line cuts. In fact drawdowns and changes in drawdowns predict internal … credit rating downgrades and credit line cuts, suggesting substantial liquidity access before credit line cuts. Credit line …

We evaluate the impact of the credit conditions facing corporations on their emissions of toxic air pollutants …. Exploiting cross-county, cross-time shale discoveries that generated liquidity windfalls at local bank branches, we construct … that positive shocks to credit conditions reduce corporate pollution …