Using novel receivable-based-loan data, we study the effect of aging-report loan covenants on borrowers' accounts receivable reporting quality. Our purpose is to highlight a channel that lenders use to obtain private information and to understand whether lenders' information acquisition affects...

In this paper we review the pricing and model calibration of Credit Default Swaps referring to both the International Swaps and Derivatives Association (ISDA) CDS contract and credit model standardization guidelines. Furthermore we provide an Excel pricing workbook to supplement the materials...

Households' bank savings at the turn of 2019 have demonstrated better performance against the last year. The largest share of deposits unlike last year was denominated in foreign currency. In the meantime, brisk recovery of the bank lending on the retail side is ongoing. This strengthens the...

We analyse whether soliciting multiple ratings leads to lower syndicated loan spreads. Our results document that banks apply, on average, lower spreads to multi-rated firms. This effect depends on the reduction of information asymmetry about borrowers' creditworthiness (information production...

The corporate segment of Russia's loan market is experiencing stagnation. The volumes of new loans are declining relative to the size of the economy, while the amount of debt has been demonstrating practically no increase. Interest rates are continuing to follow their downward trend. The quality...

We examine the readability, length, numerical content, uncertainty, and uniqueness of Moody’s rating reports. We analyze which factors affect the content of ratings in the cross-section and how regulatory events influence these measures over time. Rating content depends on analyst fixed...

Identifying the drivers of credit cycles is crucial for prudential regulation. We show in a model that investor sentiments result in excessive asset price movements, leading to sharp credit reversals. Motivated by this, we decompose fluctuations in stock prices into fundamental and noise shocks...

This paper examines the informational efficiency of loans relative to bonds surrounding loan default dates and bond default dates. We examine this issue using a unique dataset of daily secondary market prices of loans over the11/1999-06/2002 period.(...)

Micro, small, and medium-sized enterprises are a backbone of the Philippine economy. One factor that hinders the growth of these enterprises is their difficulty in accessing finance from banks and other financial institutions. The Credit Surety Fund (CSF) was established to help these...

I explore the determinants, characteristics and performance of direct corporate loans, that is, loans originated by nonbank institutional investors without banks' intermediation. In the aftermath of the financial crisis, direct lending has been the most rapidly growing credit market segment. I...