lending. We find that the guidance primarily impacted large, closely supervised banks, but only after supervisors issued … important clarifications. It also triggered a migration of leveraged lending to nonbanks. While we do not find that nonbanks had … more lax lending policies than banks, we unveil important evidence that nonbanks increased bank borrowing following the …

We investigate how the introduction of market-based pricing, the practice of tying loan interest rates to credit …

We investigate how the introduction of market-based pricing, the practice of tying loan interest rates to credit …

We provide evidence that credit lines offer liquidity insurance to borrowers. Borrowers are able toextensively use … their credit lines in recessions and ahead of credit line cuts. In fact drawdowns andchanges in drawdowns predict internal … credit rating downgrades and credit line cuts, suggestingsubstantial liquidity access before credit line cuts. Credit line …

We show that firm demand-side factors are strong drivers of procyclical refinancing be- havior over the credit cycle … using novel data from the Shared National Credit program. Firms are more likely to refinance early when credit conditions … are good to keep the ef- fective maturity of their loans long and hedge against having to refinance in tight credit …

unobserved heterogeneity at the bank and firm levels. Using individual bank information about lending standards from the Senior …

crisis from the same bank. Our findings, therefore, add some support to the concerns with the availability of bank credit …

We investigate whether the securitization of corporate loans affected banks' lending standards. We find that during the …

their ability to continue lending to corporations. We investigate these concerns. We find that firms paid higher loan … the crisis when they borrowed from banks that incurred larger losses, lend support to the concerns about bank lending …