the market for syndicated loans during the pre-2008 credit boom. Institutional investors disproportionately purchase …

effect of the reforms on overall credit supply, while at the same time documenting a substantial decline in borrower- and …

We employ a unique data set that tracks the changes of each lender's share commitment in each syndicated credit … facility in each year to study the relationship between credit cuts and the borrowing firms' future performance. Overcoming the … between different types of credit cuts (e.g., credit sale vs. credit reduction, loan sale vs. loan reduction, credit cuts by …

to obtain various kinds of credit certificates. As P2P markets continue to develop, it is plausible that certification … surprisingly, loans with more credit certificates experience a higher rate of delinquency and default. However, lenders remain … reduced investment inefficiency. Overall, we document a setting where credit certificates fail to serve as an accurate signal …

manufacturer to increase the cash collected from car sales via a credit fire sale: reducing loan-to-value in the intensive margin …% to generate the same liquidity of a credit fire sale …