We provide a comprehensive review of firms' financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance — financing from all the non-market, non-bank external sources. We argue that while traditional financing channels,...

In 2002 and 2003, many Chinese banks implemented reforms that delegated authority to individual loan officers. The change followed China's entrance into the WTO and offers a plausibly exogenous shock to loan officer incentives to produce information. We find that the bank's internal risk rating...