This paper studies whether, in the consumer credit market, peer-to-peer (P2P) lending
platforms serve as substitutes for banks or instead as complements. I develop a conceptual …

Abstract The coronavirus (COVID-19) eruption is first and prime human tragedy across the
globe, affecting the lives of millions of people. It has greatly impacted the global economy …

Banks' financial reporting requirements and discretionary choices may affect financial
stability by altering one or more of the likelihood that banks violate regulatory capital …

During the 2007–2009 financial crisis, many parties criticized aspects of accounting
requirements for banks as undermining financial stability. These criticisms generally reflect …

We examine the real effects of FAS 166 and FAS 167 on banks' loan‐level mortgage
approval and sale decisions. Effective in 2010, these standards tightened the accounting for …

This paper studies the rise of direct lending using a comprehensive dataset of investments
by business development companies (BDC). We exploit three exogenous shocks to credit …

Prior research finds that banks reduce loan originations during recessions to mitigate the
potential for their regulatory capital to become inadequate. In the wake of the financial crisis …

The US Consumer Financial Protection Bureau has released a database of consumer
complaints about banks' financial products to the public since 2013. We find a greater …

Understanding the role of bank lending in corporate innovation is important to policymakers,
practitioners, and academics. We provide new evidence on such a role by exploiting the …

We employ textual analysis to identify mergers and acquisitions (M&As) financed by
corporate loans and show that acquirer announcement returns are higher in loan-financed …