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

banks in providing credit to smaller borrowers about whom information is least complete and, more generally, support the …

We use firm-level data to identify financial frictions in China and explore the extent to which they can explain firms …

We document issuance overpricing of corporate debt securities in China, which contrasts with underpricing of equity and … debt securities in Western countries. The phenomenon in China is robust across subsamples of issuances with different … credit ratings, maturities, issuer types, and issuing history, reflecting the distinct institutional environment and issuance …

Previous work has claimed that monopoly power facilitates the provision of credit, since monopolists are better able to … creditworthiness, monopoly power may reduce credit provision because hold up problems ex post will deter borrowers from investing in … establishing creditworthiness. Empirically, we examine the relationship between monopoly power and credit provision, using data on …

. 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 …