We propose and test a new channel through which fiscal policy changes affect the supply of intermediated credit and the real economy. Lenders that have greater exposure to firms expected to repatriate a significant amount of foreign income as a result of a 2004-2005 U.S. tax holiday subsequently...

We use fair value adoption as a quasi-natural experiment to examine the effect of hard information on credit supply through a contracting channel. After fair value adoption, usage of financial covenants depending on capital-based fair value treatments significantly declined. Capital-based...

I characterize cosyndication relationships between lead banks and syndicate participants and identify their effects on borrowing capacity during the recent financial crisis. Cosyndication relationships are persistent and reduce bank-bank information asymmetries as measured by retained share....