This paper examines the effects of the Reconstruction Finance Corporation's (RFC) loan and preferred stock programs on bank failure rates in Michigan during the period 1932-1934, which includes the important Michigan banking crisis of early 1933 and its aftermath. Using a new database on...

This paper investigates how firm debt disproportionately impacted the stock returns of firms who were highly exposed to the economic consequences of social distancing. Specifically, I use a difference-in-difference design to causally identify the impact that higher levels of firm debt had for...