We document that finance companies and FinTech lenders increased lending to small
businesses after the 2008 financial crisis. We show that most of the increase substituted for a …

How does the shadow banking system respond to changes in capital regulation of
commercial banks? We propose a quantitative general equilibrium model with regulated …

This paper investigates the pricing of bank loans relative to capital market debt. The analysis
uses a novel sample of loans matched with bond spreads from the same firm on the same …

We challenge theories that lead arrangers retain shares of syndicated loans to overcome
information asymmetries. Lead arrangers frequently sell their entire loan stake—in over 50 …

The fintech revolution, crowdfunding, and blockchain-based funding have dramatically
reduced borrowing and lending transaction costs. Many have argued that ultimately this …

Using detailed loan holding data of Collateralized Loan Obligations (CLOs), we document
empirical evidence for the fire sale of leveraged loans due to leverage constraints on CLOs …

We show how securitization affects the size of the nonbank lending sector through a novel
price-based channel. We identify the channel using a regulatory spillover shock to the cross …

I explore whether big-data sources can crowd out the value of private information acquired
through lending relationships. Institutional lenders have been shown to exploit their access …

We explain why banks and nonbank intermediaries coexist in a model based only on
differences in their funding costs. Banks enjoy a low cost of capital due to safety nets and …

The modern credit market is actively changing under the influence of digitalization
processes. Some of the drivers of these changes are financial companies that carry out …