This paper examines the secondary market for loan sales and, in particular, loan contract design as a mechanism to resolve informational issues in loan sales and associated costs and benefits. Using loan-level data, we find that sold loans contain additional covenants and more restrictive net...

This paper examines the broader effects of the U.S. financial crisis on global lending to retail customers. In particular we examine retail bank lending in Germany taking advantage of a unique dataset of German savings banks over the period 2006-2008 for which we have the universe of loan...

Explores the role that venture capitalists play in the development of new enterprises - specifically, whether as financial intermediaries, venture capitalists perform additional roles in the startup process. The internal organizational aspects of firms are observed using data collected from 173...

The paper studies how the attitudes of entrepreneurs, in general, and family business owners, in particular, differ from others in the economy. Family business owners are entrepreneurs who operate a business with their spouse or adult children. We use data from the Survey of Consumer Finance to...

This paper studies how collateral affects bond yields. Using a large dataset of public bonds, we document that collateralized debt has higher yield than general debt, after controlling for credit rating. Our model of agency problems between managers and claimholders explains this puzzling result...

In this paper we study how collateral and loan characteristics can affect bond yields of debt. Using a large data set of all fixed rate straight debt public issues made in the period January 1, 1993 to March 31, 1995, we document that the yield on collateralized debt is higher than on general...

There is a burgeoning literature on IPO allocations to institutions with retail clientele typically being treated as a monolithic entity. However, there is potential for differential treatment of different groups of retail investors because of the underlying relationship with the underwriter. We...

This article examines the practice of quot;tying,quot; which occurs when an underwriter lends to an issuer around the time of public securities offering in order to secure underwriting business. We examine the following questions: (i) How far do investment banks compete directly in tying? (ii)...

This paper studies how collateral affects bond yields. Using a large dataset of public bonds, we document that collateralized debt has higher yield than general debt, after controlling for credit rating. Our model of agency problems between managers and claimholders explains this puzzling result...

We create a novel measure of optimism using the Survey of Consumer Finance by comparing self-reported life expectancy to that implied by statistical tables. This measure of optimism correlates with positive beliefs about future economic conditions and with psychometric tests of optimism....