When a loan is close to becoming non-performing, banks have stronger incentives to renegotiate it in favourable conditions for the borrower (loan forbearance) rather than for recognising and resolving the non-performing loan. At the aggregated level and looking at borrowers (non-financial...

This study analyzes how lease expirations affect the performance of commercial real estate (CRE) properties and how these patterns changed during the COVID-19 crisis. Even before the pandemic, lease expirations were associated with a notable increase in the downside risk to a property's...

This paper studies whether and how banks‘ technology adoption affects the bank lending channel of monetary policy transmission. We construct a new measurement of bank-level technology adoption, which can tell whether the technology is related to the bank‘s lending business and which specific...

We document a major mechanism – inorganic growth – which drives a wedge between micro-study effects of credit supply shocks and aggregate effects. Exploiting a quasi-exogenous positive shock to credit supply, we document that affected firms borrow larger amounts and exhibit stronger asset,...

Securitized loans have lower lead bank shares but larger shares held by non-CLO institutional investors than non-securitized loans. The result can largely be explained by their degree of information asymmetry and credit risk. We find that lead banks increase their holdings after a...

Certificates are widely used as a signaling mechanism to mitigate adverse selection when information is asymmetric. To reduce information asymmetry between lenders and borrowers, Chinese peer-to-peer (P2P) lending platforms encourage borrowers to obtain various kinds of credit certificates. As...

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...

We provide evidence that credit lines offer liquidity insurance to borrowers. Borrowers are able toextensively use their credit lines in recessions and ahead of credit line cuts. In fact drawdowns andchanges in drawdowns predict internal credit rating downgrades and credit line cuts,...

This study analyzes more than 28 million recent loan listings on LendingClub, one of the world's largest online marketplace lending platform. Using tree-based machine learning, we develop robust predictive representations of funding decisions on this fintech peer-to-peer lending platform. We...

We report the results of a longitudinal intervention with students across five universities in China designed to reduce online consumer debt. Our research design allocates individuals to either a financial literacy treatment, a self-control training program, or a zero-touch control group. The...