Why do residential mortgages carry a fixed or an adjustable interest rate? To answer this question we study unique data from 103 banks belonging to 73 different banking groups across twelve countries in the euro area. To explain the large cross-country and time variations observed, we...

Analyzing unique data on loan applications by individuals who are majority owners of small firms, we detail how a bank's credit decisions affect their future income. We use the bank's cutoff rule, which is based on the applicants' credit scores, as the discontinuous locus providing exogenous...

Comparing banks to non-bank lenders, we investigate whether the geographical distance between lenders, borrowers and their properties is reflected in the pricing of US mortgages that were included in US CMBS pools during the 2000 to 2017 period. The difference in loan spread when bank-borrower...