fixation length tracks the life-cycle decline of credit risk in the mortgage market: the loan-to-value (LTV) ratio decreases …-LTV borrowers, who pay large initial credit spreads, trade off their insurance motive against reducing credit spreads over time …

paper attempts to do so using a credit registry that is unique in that it allows the researcher to have access to some …

asymmetric information the banks face the risk of adverse selection. Credit Value-at-Risk (CVaR) regulation counters the problem …Banks provide risky loans to firms which have superior information regarding the quality of their projects. Due to … distorts the operation of credit markets. We show that a binding CVaR constraint introduces credit rationing and lowers social …

asymmetric information the banks face the risk of adverse selection. Credit Value-at-Risk (CVaR) regulation counters the problem …Banks provide risky loans to firms which have superior information regarding the quality of their projects. Due to … distorts the operation of credit markets. We show that a binding CVaR constraint introduces credit rationing and lowers social …

financial reporting systems around the world. The expected credit loss model requires banks to monitor their borrowers closely …The recent switch from the incurred credit loss model to the expected credit loss model is an important change to bank … stronger for borrowers with greater bank dependence. It is also stronger in environments where banks themselves face more …

rates if the credit risk of the borrower improves with time. On another side the proposed model allows the lender not to … give the loan if the company is bankrupt or even when there is a significant deterioration of its credit risk. As a result …

overnight repurchase agreements (repo) and loan-level credit registry data on corporate loans. We find that borrowers on the …

, where the price of credit impacts the quantity of leverage households choose. Mortgages are supplied by financial …

for banks. To reduce uncertainty, banks acquire additional costly information about borrowers. More information increases …