counterfactual in which the GSEs' underwriting criteria are implemented passively. Finally, the observed differences between banks …

Open banking (OB) empowers bank customers to share transaction data with fintechs and other banks. 49 countries have … microdata shows that OB enables: i) consumers to access both financial advice and credit; ii) SMEs to establish new fintech … for advice. When used for credit, OB promotes entry and competition by reducing adverse selection, but higher prices for …

-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of …This study analyzes information production and trading behavior of banks with lending relationships. We combine trade … corporate events. We find that relationship banks build up positive (negative) trading positions in the two weeks before events …

.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 …

Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected … bank funding costs. We show that credit supply is dampened by the associated debt-overhang cost to bank shareholders. Until … 2022, this impact was reduced by linking the interest paid on lines to credit-sensitive reference rates such as LIBOR. We …