loans and defaults, we estimate models of demand for credit, loan use, pricing, and firm default. We find evidence of …

credit. We estimate a structural model of credit demand, loan use, pricing, and firm default using matched firm-bank data … from Italy. We find evidence of adverse selection in the form of a positive correlation between the unobserved determinants … of demand for credit and default. Our counterfactual experiments show that while increases in adverse selection increase …

We investigate bank loans' specialness with a particular focus on the recent boom and bust cycle. We perform an … January 2000 and December 2009. We find a significant and negative reaction to bank loan announcements which is mostly driven … by loan provided during the crisis period. We also document significant changes in bank behavior over the boom and bust …

We investigate bank loans' specialness with a particular focus on the recent boom and bust cycle. We perform an … January 2000 and December 2009. We find a significant and negative reaction to bank loan announcements which is mostly driven … by loan provided during the crisis period. We also document significant changes in bank behavior over the boom and bust …