We study specialized lending in a credit market competition model with private information. Two banks, equipped with …

Does emergency credit prevent long-term financial distress? We study the causal effects of government-provided recovery … bankruptcy, increase employment and revenue, unlock private credit, and reduce delinquency. These effects, especially the … crowding-in of private credit, appear to reflect resolving uncertainty about repair. We do not find capital reallocation away …

We study the spatial expansion of banks in response to banking deregulation in the 1980s and 90s. During this period …, large banks expanded rapidly, mostly by adding new branches in new locations, while many small banks exited. We document … that large banks sorted into the densest markets, but that sorting weakened over time as large banks expanded to more …

have two sets of findings. First, we find no evidence of lender divestment. Net zero banks neither reduce credit supply to …We use administrative credit registry data from Europe to study the impact of voluntary lender net zero commitments. We … evidence of reduced financed emissions through engagement. Borrowers of net zero banks are not more likely to set …

.S. bank securities, hedging positions, and corporate credit. Banks that experienced larger losses on their securities during … the 2022-2023 monetary tightening cycle extended less credit to firms. This spillover effect was stronger for available …-for-sale securities, unhedged securities, and banks that must include unrealized gains and losses in their regulatory capital. A …

We study the impact of digital banking on the value of the deposit franchise and the stability of the banking sector …. Using the classification of digital banking in Koont (2023), we find that when the Fed funds rate increases, deposits flow … out faster, and the cost of deposits increases more in banks that offer a mobile app and brokerage services. Using the …

A nationwide banking panic forced President Franklin Roosevelt to declare a nationwide banking holiday immediately … after his inauguration in March 1933. The government reopened sound banks sequentially, with some resuming operations sooner … and others later. Within three weeks, 11,000 of the nation's 18,000+ banks had reopened. Another 3,000 reopened over the …

We ask whether banks use interest rate swaps to hedge the interest rate risk of their assets, primarily loans and … securities. To this end, we use regulatory data on individual swap positions for the largest 250 U.S. banks. We find that the … banks, with some bank swap positions decreasing and some increasing with rates, but aggregating swap positions at the level …

We use the 2020 Small Business Credit Survey to study the sources of racial disparities in use of the Paycheck … less likely than white-owned recipients to borrow from banks and more likely to borrow from fintech lenders is driven … likely than white-owned firms to apply to banks and 7.8 percentage points more likely to apply to fintechs. However, they …