overnight unsecured loans. Using proprietary bank-level data, we find that interbank rate uncertainty significantly raises … positions and greater access to central bank funding …

This paper studies optimal risk-taking and information disclosure by firms that obtain financing from both a … 'relationship' bank and 'arm's-length' banks. We find that firm decisions are asymmetrically influenced by the degree of … heterogeneity among banks: lowly-collateralized firms vary optimal risk and information precision along with the degree of …

anonymous markets. We study other market features, such as contract novation, default fund and collateral. In anonymous markets …, novation and default fund reduce the risk of systemic runs. Collateral aligns private incentives with the socially optimal …

private acquisitions, I find that seller financing and earnouts become more common as information asymmetry increases between … decrease information asymmetry in firm acquisitions. Seller-financed acquisitions also close faster and at higher prices … which privately held firms mitigate adverse selection that arises from information asymmetry.* This paper was previously …

private acquisitions, I find that seller financing and earnouts become more common as information asymmetry increases between … decrease information asymmetry in firm acquisitions. Seller‐financed acquisitions also close faster and at higher prices … which privately held firms mitigate adverse selection that arises from information asymmetry …

overnight unsecured loans. Using proprietary bank-level data, we find that interbank rate uncertainty signi cantly raises … positions and greater access to central bank funding. …