credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through … transmitted the credit shock more strongly than a non-financial shock, and that access to developed credit markets attenuated the …

We study how the macroeconomic dynamics following credit cycles vary with business bankruptcy institutions. Using data … on bankruptcy efficiency and business credit around the world, we document that business credit booms are followed by … contrary, in settings with well functioning business bankruptcy, the aftermath of credit booms is characterized by moderate …

. These comovements generate large credit risk premia for investment grade firms, which helps address the "credit spread … defaults, including "credit contagion" and market timing of debt issuance. It also provides a novel procedure to estimate state …

Intuition suggests that firms with higher cash holdings are safer and should have lower credit spreads. Yet empirically …, the correlation between cash and spreads is robustly positive and higher for lower credit ratings. This puzzling finding … are positively related to credit risk, resulting in a positive correlation between cash and spreads. In contrast, spreads …

investment and employment. We first describe how companies used credit lines during the crisis (access, size of facilities, and … whether managers had difficulties in renewing or initiating lines. We also describe the dynamics of credit line violations and … the outcome of subsequent renegotiations. We show how companies substitute between credit lines and internal liquidity …

not driven by higher pre-treatment access to credit or higher credit growth during the treatment period and is stronger …