, and near-frictionless refinancing opportunities - led to vastly increased systemic risk in the financial system …

the distribution of risk via credit supply. For identification, we exploit exhaustive US loan-level data since the 1990s …, borrowerlender relationships and Gertler-Karadi monetary policy shocks. Higher policy rates shift credit supply from banks to …, higher policy rates increase risk-taking, as less-regulated, fragile nonbanks -in all credit markets- expand supply to …

credit supply. Exploiting differences in banks' ex-ante exposure to trade uncertainty, we find that increased uncertainty is …This paper uses U.S. credit register data and the 2018-19 Trade War to study the effects of uncertainty on domestic … associated with a broad lending contraction across their customer firms. This result is consistent with banks responding to …

This paper considers a simple model of credit risk and derives the limit distribution of losses under different … through active credit portfolio management. However, if the firm risk exposures are draws from different parameter … unexpected loss or value-at-risk. The theoretical results are confirmed empirically using returns and credit ratings for firms in …

years; the Treasury earns dividends on the preferred shares and gets warrants on the bank’s common equity. We develop a … terms of the program. We also find that the net value varies widely across banks. We compare our estimates with abnormal … stock price returns for the stress test banks at the time the terms of the CAP announced; we find correlations between 0 …

This paper addresses the financial risks faced by New York dairy farmers by discussing and developing prescriptive risk …-contingent operating and mortgage loan contracts. It is argued that structured credit products with an imbedded contingent claim or price … and/or interest that the farmer must repay under low price states. Formulas for risk-contingent operating and mortgage …

idiosyncratic risk by selling a significant fraction of its holdings in an underwritten offering early in the selling period …