We explore whether the transparency in banks' lending activities enhances the harmonization of credit terms that a bank offers across its different geographic regions. We take advantage of a novel loan-level reporting initiative by the European Central Bank, which requires repo borrowing banks...

By leveraging machine-learning algorithms and using nontraditional digital data derived primarily from borrowers’ mobile devices, digital lenders have vastly expanded access to credit in developing economies for millions of individuals without a prior credit history. At the same time,...

We investigate how credit default swaps (CDSs) affect lenders' incentives to initiate new lending relationships. We predict that CDSs reduce adverse selection that non-relationship lead arrangers face when competing for loans. Consistently, we find that a loan is more likely to be syndicated by...