We provide evidence that a firm's exposure to industry downturns, what we refer to as industry risk, is an important factor affecting ex post recovery rates and ex ante bank loan pricing and the borrowing firms use of cash. The basic idea is that if it is costly to redeploy industry assets, then...

This paper examines how changes in bank lending standards are related to the availability of bank lines of credit for private and comparable public firms. Overall, we find that access to lines of credit is more contingent on bank lending standards for private than for public firms. The impact of...

The literature of immigration has been examined the impacts of immigration on the labor market outcomes, consumer goods, and the formation of jurisdictions. Part of the literature stresses on the policy recommendations on how to deal with immigration in general. This thesis aims to add this...

This paper uses a unique dataset of corporate credit line usage to examine whether firms draw precautionary balances from their credit lines in anticipation of a decline in future availability. We find that credit line drawdowns precede declines in cash flow. Further, we model predicted...

Economically intuitive macroeconomic factors and borrower characteristics predict peer-to-peer loan defaults beyond what proprietary algorithms predict. Using county-level unemployment data, we find that loans originated in high unemployment areas are more likely to default. In addition, we...