Higher bank credit growth implies that excess returns of bank stocks over the next one year are lower by nearly 3 …%. Credit growth tracks bank stock returns over the business cycle and explains nearly 14% of the variation in bank stock … small time-varying probability of a tail event that impacts banks and bank-dependent firms. Consistent with this hypothesis …

Higher bank credit growth implies that excess returns of bank stocks over the next one year are lower by nearly 3 …%. Credit growth tracks bank stock returns over the business cycle and explains nearly 14% of the variation in bank stock … small time-varying probability of a tail event that impacts banks and bank-dependent firms. Consistent with this hypothesis …

We investigate the role of trade credit links in generating cross-border return predictability between international … firms. Using data from 43 countries from 1993 to 2009, we find that firms with high trade credit located in producer … asset pricing model in which firms in different countries are connected by trade credit links. The model offers further …