Corporate borrowing has substantially changed over the last two decades. In this article, we
investigate changes in borrowing of US publicly listed firms along trends in five key areas:(a) …

We study the performance of collateralized loan obligations (CLOs) to understand the
market imperfections giving rise to these vehicles and their corresponding economic costs …

According to conventional wisdom, banks play a special role in providing liquidity in bad
times, while capital markets are used to fund investment in good times. Using microdata on …

I show that the long-term decrease in the nominal short rate since the 1980s contributed to a
decline in banks' supply of business loans, firm investment and new firm creation, and an …

Using micro-data on corporate balance sheets, we study firm behavior after the
unprecedented policy support to corporate bond markets in 2020. As bond yields fell, firms …

How do asset purchases by central banks transmit to the real economy? Using micro-data
on corporate balance sheets, we study firm behavior after the unprecedented policy support …

Using novel data on 1,240 credit agreements from the leveraged loan market, we propose
simple measures of contractual complexity based on clauses qualifying negative covenants …

We study the effect of bank competition on the design of syndicate loans. We find that
competition in the lead lender's market plays a significant role in determining the terms of the …

The terms of loans o ered by banks make up rich contracts that typically consist of prices
(interest rates) and non-price terms such as quantity limits (eg, collateral) and other …

We study the interplay between non-price loan terms and competition in credit markets. We
exploit a regulatory shock to regulated banks' ability to offer favorable non-price terms …