Bank credit constraints can reduce firms' ability to borrow to fund hedging and counterparties' capacity to provide hedging services, thus affecting post-hedging outcomes. We find that a one-standard-deviation tighter credit standards increases (post-hedging) exchange rate exposure by 10%. This...

The European low-carbon transition began in the last few decades and is accelerating to achieve net-zero emissions by 2050. This paper examines how climate-related transition indicators of a large European corporate firm relate to its CDS-implied credit risk across various time horizons....

Does pledging movables as collateral alter corporate borrowing? To answer this question, we study the effect of collateral law reforms on syndicated bank loans granted across nine European countries that facilitated pledging movables between 1995 and 2019, comparing them to nineteen countries...