most recent financial crisis. We find that while prior to August 2007 returns were indeed close to zero, afterwards returns … jump back up to around 200 basis points. We surmise that in a booming credit market the certification of corporate … borrowers by banks started to play a lesser role, while during the crisis the banks' role was revitalized. Consistent with this …

Do borrowers demand less credit from banks with weak balance sheet positions? To answer this question we use novel bank … conventional monetary policy shock, bank balance sheet strength influences not only credit supply but also credit demand. The … resilience of lenders plays an important role for firms when selecting whom to borrow from. We also assess the impact on credit …