We investigate how the introduction of market-based pricing, the practice of tying loan interest rates to credit …-based pricing loans, suggesting that the decline in the cost of bank debt is explained, at least in part, by a reduction in …

for endogeneity of bank losses. These findings, together with our evidence that borrowers took out smaller loans during …

We investigate whether the securitization of corporate loans affected banks' lending standards. We find that during the … boom years of the CLO business, loans sold to CLOs at the time of their origination underperform matched unsecuritized … loans originated by the same bank. This finding is robust to loan- and borrower-specific controls, as well as the lender …