We evaluate the connection between corporate characteristics and the reaction of stock
returns to COVID-19 cases using data on more than 6,700 firms across 61 economies. The …

Aggregate US bank lending to firms expands following several adverse macroeconomic
shocks, such as the outbreak of COVID-19 or a monetary policy tightening. Using loan-level …

An uphill question of whether Environmental, Social, and Governance (ESG) directly impact
firms' financial performance (FP) continues to vacillate between two opponent streams. In …

Unexpectedly severe winter weather, which is arguably exogenous to firm and bank
fundamentals, represents a significant cash flow shock for bank‐borrowing firms. Firms …

By providing liquidity to depositors and credit-line borrowers, banks can be exposed to
double-runs on assets and liabilities. For identification, we exploit the 2007 freeze of the …

We examine the composition and drivers of cross-border bank lending between 1995 and
2012, distinguishing between syndicated and non-syndicated loans. We show that on …

Corporate credit lines are drawn more heavily when funding markets are more stressed.
This covariance elevates expected bank funding costs. We show that credit supply is …

We measure market reactions to announcements concerning liquidity regulation, a key
innovation in the Basel framework. Our initial results show that liquidity regulation attracts …

The economic shutdown associated with the COVID-19 pandemic witnessed a surge in
drawdowns on pre-existing credit lines. This paper examines how this liquidity was used by …

We study the relationship between financial frictions and trade dynamics by exploiting the
reallocation of global supply chains induced by the 2018--2019 trade tensions between the …