We study the effects of credit shocks in a model with heterogeneous entrepreneurs, financing constraints, and a …

for the U.K. Thereby, we explicitly disentangle credit supply and demand and allow the interest rate charged on loans to …

, although default does not trigger exclusion from private credit markets. These findings help shed light on joint default and …

estimation method which is based on credit valuations. The main idea is straigtforward: We use structural models to link equity … valuations to credit valuations. Based on a simple Merton model, we derive an estimator for the market Sharpe ratio. This … appr. 40%. Adjusting for taxes and other parts of the credit spread not attributable to credit risk yields an average …

ratio a bank would experience if it were fully efficient at credit-risk evaluation and loan monitoring, represents the … inherent credit risk of the loan portfolio and is estimated by stochastic frontier techniques. We apply the technique to 2013 … credit risk of their lending is the highest among the five groups. On the other hand, their inefficiency at lending is one of …

credit-risk evaluation and loan monitoring, represents the inherent credit risk of the loan portfolio and is estimated by a … nonperformance among the five groups. Moreover, the inherent credit risk of their lending is the highest among the five groups. On …. Small community banks under $1 billion also exhibit higher inherent credit risk than all other size groups except the …

How do financial development and financial integration interact? We focus on Japan's Great Recession after 1990 to …: financing frictions for credit-dependent firms were more severe in less integrated prefectures, which saw larger decreases in … reference to prefectures' different historical pathways to financial development. After Japan's opening to trade in the 19th …