I examine how U.S. commercial bank loan portfolios change in response to the rise of securitization markets and banking market deregulations over 1976 to 2003. Banks increasingly tilt their portfolios toward real-estate-backed loans. However, there are significant differences across banks....

We use a new data set that tracks U.S. firms from their birth over two decades to understand the life cycle dynamics and outcomes (both successes and failures) of VC- and non-VC financed firms. We examine how important VC is in new firm creation. We ask what kind of firms do VCs invest in and...

I examine how commercial banks' lending strategies respond to deregulation-driven credit market competition and the concurrent rise in securitization in the U.S. over the period 1976 to 2003. Banks display greater specialization in their loan portfolios after deregulation, with larger and...

We study the spillover effects of the Main Street Lending Program (MSLP)—an emergency lending program aimed at supporting the flow of credit to small and mid-sized firms affected by the COVID-19 crisis—on bank lending to businesses. Using a combination of survey and loan-level data from two...

Government guarantees are often offered as an explanation for why large financial firms borrow more cheaply than small financial firms. However large firms generally borrow more cheaply across a wide range of non-financial industries. We show that the difference in borrowing costs between large...

Do the low long-run average returns of equity issuers reflect Do the low long-run average returns of equity issuers reflect underperformance due to mispricing or the risk characteristics of the issuing firms? We shed new light on this question by examining how institutional lenders price loans...

We use a new data set that tracks U.S. firms from their birth over two decades to understand the life cycle dynamics and outcomes (both successes and failures) of VC- and non-VC financed firms. We first ask to what market-wide and firm-level characteristics venture capitalists respond in...