impact of bank credit supply frictions on firm performance. I exploit differences in the composition of banks' liabilities … structure during the financial crisis of 2007-2009 as a source of exogenous variation in the availability of bank credit to … nonfinancial firms, in order to identify the causal relationship between bank credit supply and firm performance, measured by firms …

% to generate the same liquidity of a credit fire sale …We study the role of captive finance in the car loan market when manufacturers' liquidity demand increases. Using a new … multi-country dataset on securitized car loans, we show that captive lending enables a liquidity constrained integrated …

bank loans more than young firms when facing liquidity shortages. This is consistent with previous studies indicating that …We investigate how small businesses respond to liquidity shortages during the financial crisis, focusing on … cash flows and liquidity shortages. Using over 4 million firm-year observations from Japan, we show that mature firms use …

question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential …